E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 12, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading higher shortly after the opening. Traders will be reacting to Apple’s consumer products event today. Apple’s event is scheduled to start at 1700 GMT. The tech giant is expected to unveil three new iPhone models, a new Apple Watch and a new Apple TV. The news should create volatility.

Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been drifting sideways-to-lower since the closing price reversal top on September 1.

A trade through 6019.75 will negate the chart pattern and signal a resumption of the uptrend.

The main range is 5777.25 to 6019.75. Its retracement zone is 5898.50 to 5869.75. This zone provided support on September 5 when the market reached a low of 5889.50.

Forecast

If the intraday upside momentum continues we could see a rally into the main top at 6019.75. Overtaking this level could trigger an acceleration to the upside with the next target angle coming in at 6065.25. Overtaking this angle will put the index in an extremely bullish position.

On the downside, the nearest support angle comes in at 5921.25. This is followed by 5898.50 to 5869.75.

If the Apple event is well-received then don’t be surprised by a strong rally into 6019.75 to 6065.25. A bearish reaction could drive the NASDAQ-100 into 5921.25 to 5898.50.