E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 14, 2017 Forecast

September E-mini NASDAQ-100 Index futures are trading lower shortly after the release of the August U.S. consumer inflation report. The stronger-than-expected report is not likely to change the Fed’s mind about raising interest rates. They are likely to remain dovish.

While the report is not likely to move the Fed’s benchmark interest rate, it should lead to a few asset allocation plays. Treasury yields are likely to rise, making the U.S. Dollar a more attractive investment. Investors may also make adjustments to their stock portfolios.

Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending sideways-to-lower since the formation of the closing price reversal top at 6019.75 on September 1.

The main range is 5777.25 to 6019.75. Its retracement zone at 5898.50 to 5869.75 is the primary downside target.

Forecast

The early weakness suggests investors are going to go after the nearest uptrending Gann angle at 5953.25. We could see a technical bounce on the first test of this angle.

The angle at 5953.25 is also the trigger point for an acceleration to the downside with the next targets the 50% level at 5898.50, the Fibonacci level at 5869.75 and another uptrending angle at 5865.25.