E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 13, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading lower early in the cash market session. Volume is light with most investors trimming positions ahead of Thursday’s U.S. Consumer Inflation report. Traders seem to be looking for a catalyst to drive prices higher after Apple held its latest consumer products event on Tuesday.

Technical Analysis

The main trend is up according to the daily swing chart, but momentum has been trending sideways to lower since forming a closing price reversal top at 6019.75 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 at 5898.50 to 5869.75 is new support.

Forecast

Today’s session started with the index in between a pair of uptrending Gann angles. The nearest support angle comes in at 5937.25. The nearest angle on the upside is 6097.25.

The early price action and the drifting momentum suggests investors may be playing for a pullback into support rather than chase the market higher. This makes 5937.25 a viable target today. We could get a technical bounce on the first test of this angle.

If the angle fails then the index should complete the normal retracement to 5898.50 to 5869.75.