E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Likely Rangebound into Close

September E-mini NASDAQ-100 Index futures are trading higher at the mid-session but inside yesterday’s range. The price action suggests investor indecision and impending volatility. Investors are being cautious ahead of the upcoming meeting between President Trump and Chinese President Xi Jinping on Saturday at the G-20 summit in Osaka, Japan. Investors are also a little rattled by the direction of interest rates after Fed Chair Jerome Powell on Tuesday failed to acknowledge a widely anticipated rate cut at the end of July.

At 16:32 GMT, September E-mini NASDAQ-100 Index futures are at 7692.00, up 42.00 or +0.55%.

Daily Technical Analysis

The main trend is up according to the daily swing chart, but momentum has been sideways to lower since June 20.

A trade through 7821.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through 7446.25.

The short-term range is 7446.25 to 7821.00. Its retracement zone at 7633.50 to 7589.50 has been providing support this week. Since the main trend is up, buyers typically come in on 50% to 61.8% retracements.

The main range is 7910.75 to 6969.00. Its retracement zone at 7551.00 to 7439.75 is major support. This zone is controlling the longer-term direction of the index.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the short-term 50% level at 7633.50.

Bullish Scenario

Holding above 7633.50 will indicate the presence of buyers. Of this continues to generate enough upside momentum then look for buyers to make a run at the downtrending Gann angle at 7734.75. Sellers could come in on the first test of this angle.

Overtaking 7734.75 could drive the index into an uptrending Gann angle at 7766.25. Overcoming this angle will indicate the buying is getting stronger with the next target angle coming in at 7822.75.

Bearish Scenario

A sustained move under 7633.50 will signal the return of sellers. This could create a labored break with potential targets an uptrending Gann angle at 7606.25, a short-term Fibonacci level at 7589.50, a major Fibonacci level at 7551.00 and an uptrending Gann angle at 7545.00.

Overview

Given the low volume and volatility, the index is more likely to sit inside a trading range into the close unless there is a major news event.