E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Looking for Correction into 7735.75 to 7673.25

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.
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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.