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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are expected to open lower based on the pre-market trade. The index is weaker than the S&P 500 Index and the Dow, having hit its recent high on Friday. This divergence is signaling that the selling is greater than the buying in technology stocks.

Leading the technology index lower is weakness in shares of Facebook, Amazon, Netflix and Google’s Parent Alphabet. All are down at least 0.3% in the premarket.

The pressure is on the technology sector because nearly all of the nation’s state attorneys general are probing Big Tech companies for antitrust violations.

At 12:18 GMT, September E-mini NASDAQ-100 Index futures are trading 7806.25, down 24.50 or -0.31%.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7895.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through 7353.25. This is highly unlikely but there is room for a normal 50% to 61.8% correction.

The minor trend is also up. The minor trend will change to down on a trade through 7580.75. This will also shift momentum to the downside.

The short-term range is 8051.75 to 7224.50. Its retracement zone at 7735.75 to 7638.00 is the first downside target.

The main range is 6969.00 to 8051.75. Its retracement zone at 7510.25 to 7382.50 is the major support.


Daily Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the downtrending Gann angle at 7787.75.

Bearish Scenario

A sustained move under 7787.75 will indicate the presence of sellers. The first target is the short-term Fibonacci level at 7735.75. This is followed by an uptrending Gann angle at 7673.25. If the angle fails as support then look for the selling to extend into the short-term 50% level at 7638.00.

The 50% level at 7638.00 is a potential trigger point for an acceleration to the downside with the support cluster at 7513.25 to 7510.25 the next major target.

Bullish Scenario

A sustained move over 7787.75 will signal the presence of buyers. If this move can attract enough buyers then look for a quick move into 7838.50, followed by 7895.00.

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