E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Pivot at 7348.25 Controlling Direction This Week

Based on the short-term price action, the direction of the September E-mini NASDAQ-100 Index futures contract this week is likely to be determined by trader reaction to the short-term pivot at 7348.25.
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures finished higher last week, but well off its high. Sellers came in at 7505.50 as the index approached its contract high at 7530.00. Fundamentally, the price action was fueled by risk aversion which drove investors into safe-haven assets like U.S. Treasurys, the U.S. Dollar and the Japanese Yen.

Weekly September E-mini NASDAQ-100 Index

Weekly Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing top the week-ending July 27 and its subsequent confirmation the following week.

A trade through 7530.00 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend changes to down on a move through 6339.00.

The minor trend is also up. A trade through 7166.75 will change the minor trend to down. This will reaffirm the shift in momentum to down.

The short-term range is 7530.00 to 7166.75. Its 50% level or pivot is 7348.25.

The main range is 6339.00 to 7530.00. Its retracement zone at 6934.50 to 6794.00 is the primary downside target and nearest major support.

Weekly Swing Chart Technical Forecast

Based on the short-term price action, the direction of the September E-mini NASDAQ-100 Index futures contract this week is likely to be determined by trader reaction to the short-term pivot at 7348.25.

A sustained move over 7348.25 will indicate the presence of buyers. If this move attracts enough buyers, we could see a move into the minor top at 7505.50 and the main top at 7530.00. Taking out this level will lead to a new contract high.

A sustained move under 7348.25 will signal the presence of sellers. This could trigger an acceleration to the downside with 7166.75 the next target.

If 7166.75 fails as support then look for the selling to possibly extend into the minor bottom at 6956.00, followed by the main retracement zone at 6934.50 to 6794.00. Buyers could show up on a text of this zone.

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