September E-mini NASDAQ-100 Index futures are trading little changed on Tuesday as the euphoria from this weekend’s announcement of the resumption of the trade talks between the United States and China appears to have worn off.

Investors were hoping for an easy time this month as the markets seem to have locked in a Fed rate cut in July and all they had to do was track the progress of the trade talks between the two economic powerhouses, however, President Trump made it more difficult by threatening a new wave of tariffs on the European Union.

At 19:23 GMT, September E-mini NASDAQ-100 Index futures are trading 9807.50, up 17.50 or +0.21%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7849.75 will signal a resumption of the uptrend. This could trigger a surge into the all-time high at 7910.75. A trade through 7446.25 will change the main trend to down. This is unlikely today but there is room for a short-term correction.

The minor trend is also up. It will change to down on a trade through 7609.50. This will also shift momentum to the downside.

The minor range is 7609.50 to 7849.75. Its 50% level or pivot at 7729.50 is support.

Daily Swing Chart Technical Forecast

Based on the inside trading range, which tends to indicate investor indecision and impending volatility, the index is likely to remain rangebound into the close. Low volume is also a contributing factor.

If there is upside momentum into the close then the first target would be 7849.75. Downside pressure would likely fill in the trading gap on the daily chart with a test of the minor pivot at 7729.50.

Investors don’t seem will to “rock the boat’ ahead of Thursday’s U.S. bank holiday and Friday’s U.S. Non-Farm Payrolls report.