E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 1, 2017 Forecast

September E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market trade. The index traded to a new all-time high earlier in the session.

Minor support is the former top at 5995.75. A break back below this level will be the first sign that the selling is greater than the buying at current price levels.

The next support is yesterday’s close at 5990.75. Crossing to the weak side of this price will put the index in a position to post a potentially bearish closing price reversal top. This will not mean the trend is changing to down, but it could indicate that the selling is greater than the buying at current price levels.

If the selling pressure continues then the next support is a steep uptrending angle, moving up at a rate of 64 points per day. This angle comes in at 5969.25.

In order to continue the rally, the market must continue to make higher-highs and higher-lows. Additionally, higher closes will also be important to the structure of the rally. Therefore, we have to conclude that the most important number today is yesterday’s close at 5990.75.

Watch the price action and read the order flow at 5990.75 all session. A trade through this level will be a sign of increasing selling pressure. Holding above this level will mean the buyers are still in control.