E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Minor Trend Changed to Up on Trade Through 15141.75

September E-mini NASDAQ-100 Index futures are trading higher early Monday, putting the technology-driven index within striking distance of its all-time high.

Helping to underpin the U.S. benchmark were strong gains in Asia with Hong Kong shares jumping over 1% after slipping into bear market territory last week. Mainland China’s Shanghai Composite also rose despite regulatory uncertainty in the country that has clouded the outlook for Chinese technology companies.

At 09:54 GMT, September E-mini NASDAQ-100 Index futures are at 15129.50, up 42.75 or +0.28%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15172.50 will signal a resumption of the uptrend. A move through 14710.50 will change the main trend to down.

The minor trend is also up. It turned up earlier in the session after buyers took out 15141.75. The move shifted momentum to the upside after two-weeks of sideways to lower trading. Another minor top comes in at 15157.25.

The minor range is 15172.50 to 14710.50. The index is currently trading on the strong side of its 50% level or pivot at 14941.50, making it new support.

The short-term range is 14445.00 to 15172.50. Its 50% level at 14808.75 is additional support.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to 15141.75. Since taking out this level changed the minor trend to up, it is important to the overall uptrend that buyers come in to defend it.

Bullish Scenario

A sustained move over 15141.75 will indicate the presence of buyers. If this move generates enough upside momentum then look for buyers to attempt to extend the rally into the next minor top at 15157.25.

Taking out 15157.25 will indicate the buying is getting stronger. This could trigger a surge into the all-time high at 15172.50. This is a potential trigger point for an acceleration to the upside if there is enough buying volume.

Bearish Scenario

A sustained move under 15141.75 will signal the presence of sellers. If this generates enough downside momentum then look for a pullback into the pivot at 14941.50. Since the main trend is up, buyers could come in on a test of this level.

If 14941.50 fails as support then look for the selling to possibly extend into another minor pivot at 14932.00. Once again, look for buyers on the initial test of this level.

Side Notes

The biggest problem for the index until at least Thursday or perhaps Friday is the Jackson Hole Symposium. Many of the major players could move to the sidelines ahead of Fed Chair Powell’s major speech on August 27.

Low volume could lead to a lot of false breakout so be careful buying strength and selling weakness.