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James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The early strength is being fueled by weaker-than-expected U.S. consumer inflation data, which drove down U.S. Treasury yields.

The consumer inflation miss combined with yesterday’s producer inflation miss suggests the economy may not be running as hot as previously expected. This could slow down the pace of future Fed rate hikes.

A rebound in Apple shares is also helping to generate upside momentum in the index.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7393.00 will change the main trend to down. A move through 7697.00 will signal a resumption of the uptrend.

The main range is 7166.75 to 7697.00. Its retracement zone at 7431.75 to 7369.25 is major support.

The short-term range is 7697.00 to 7393.00. Its retracement zone at 7545.00 to 7581.00 is the primary upside target. Look for aggressive counter-trend sellers to come in on a test of this zone. Overcoming it, however, could launch a strong rally.

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Daily Technical Forecast

Based on the early trade, the key support angle is 7476.50. The first upside targets is a resistance cluster at 7545.00 to 7553.00.

If the upside momentum continues then look for a test of 7553.00. We could get a bounce on the first test of this level, however, taking it out could trigger a surge into 7581.00, followed by a downtrending Gann angle at 7625.00.

If sellers stop the rally at 7545.00 to 7553.00 then look for a potential break into 7476.50. If this angle fails as support then look for the selling to extend into 7431.75 to 7422.75.

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