E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – September 15, 2015 Forecast

September E-mini NASDAQ-100 Index futures are expected to open unchanged based on the pre-market trade. Volume and volatility are below average so don’t expect today’s trade to be normal. In other words, be careful buying strength and selling weakness until you have relatively big volume on your side.

The main trend is up according to the daily swing chart. The main range is 4573.50 to 3908.25. The index is currently testing its retracement zone at 4240.75 to 4319.50.

The current price action suggests that the direction of the market today is likely to be determined by trader reaction to the Fibonacci level at 4319.50.

A sustained move over 4319.50 will signal the presence of buyers. The first potential upside objective is the closing price reversal top at 4369.50, followed by a steep uptrending angle at 4388.25.

A failure to overcome 4319.50 will signal the presence of sellers. This could trigger a break into a downtrending angle at 4269.50. This is followed by the major 50% level at 4240.75. The daily chart opens up to the downside under this level with 4138.75 a potential target over the near-term.

Watch and read the order flow at 4319.50 today. This will tell us whether the bulls or the bears are in control. If you use this level as a pivot, trade for small moves, but only if you have volume on your side.