James Hyerczyk
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E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading lower at the mid-session on Wednesday, weighed down by losses in major technology stocks. The tech-heavy index has been under pressure all week as investors fretted over the potential impact of a tax hike on corporate profits.

At 16:14 GMT, September E-mini NASDAQ-100 Index futures are trading 15345.75, down 34.00 or -0.22%. This is up from an intraday low of 15307.75.

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In stock related news, technology giant Apple Inc fell 0.6% after tumbling 1% in the last session on a somewhat lukewarm response to the unveiling of its Phone 13 and a new iPad mini. In other news, the NASDAQ Composite recorded 27 new highs and 64 new lows.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 14699.00 will change the main trend to down. A move through 15702.25 will signal a resumption of the uptrend.

The minor trend is down. This is controlling the momentum. The next downside target is the minor bottom at 15248.50.

Thursday will be the seventh day down from its last main top on September 7. This will put the index inside the window of time for a potentially bullish closing price reversal bottom formation.

The main range is 14699.00 to 15702.25. Its retracement zone at 15200.50 to 15082.25 is the primary downside target and value zone. Since the main trend is up, look for buyers to return on a test of this area.

The new minor range is 15702.25 to 15307.75. Its retracement zone at 15505.00 to 15551.50. This is the nearest upside target. Aggressive counter-trend traders could come in on the first test of this area. This zone will move down as the index moves lower.


Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index into the close will be determined by trader reaction to 15379.75.

Bearish Scenario

A sustained move under 15379.75 will indicate the presence of sellers. If this move is able to generate enough downside momentum then look for the selling to extend into the minor bottom at 15248.50, followed by the retracement zone at 15200.50 to 15082.25.

Look for buyers to come in on a test of the retracement. If the buying volume is strong enough, this could trigger the start of a meaningful rally.

Bullish Scenario

A sustained move over 15379.75 will signal the presence of buyers. If this move is able to generate enough upside momentum then look for the rally to possibly extend into the short-term retracement zone at 15505.00 to 15551.50. Don’t be surprised if aggressive counter-trend sellers come in on a test of this area.

For a look at all of today’s economic events, check out our economic calendar.
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