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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher on Thursday after China announced high-level trade talks with the United States would begin in early October. Further support is being provided by an easing of tensions in Hong Kong, optimism over a new government in Italy and the lifting of some uncertainty over Brexit although the situation remains dicey.

At 07:44 GMT, September E-mini NASDAQ-100 Index futures are trading 7788.00, up 65.25 or +0.84%.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through the minor top at 7770.25 helped create the upside momentum needed to clear out buy stops above a pair of main tops at 7782.25 and 7789.50, changing the trend to up and reaffirming the event.

The minor trend is also up. A trade through 7580.75 will change the minor trend to down and signal a shift in momentum to down.

The short-term range is 8051.75 to 7224.50. Trading on the strong side of its retracement zone at 7735.75 to .7638.00 is helping to generate the upside bias. This zone is new support.

The major support is the retracement zone at 7510.25 to 7382.50.


Daily Technical Forecast

Based on the early price action and the current price at 7788.00, the direction of the September E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the short-term Fibonacci level at 7735.75.

Bullish Scenario

A sustained move over 7735.75 will indicate the presence of buyers. The first targets are a pair of Gann angles at 7801.25 and 7811.75. Traders took out this area earlier in the session, but the rally stalled at 7839.75. Taking out this level will indicate the buying is getting stronger. This could trigger a rally into the next downtrending Gann angle at 7931.75.

Bearish Scenario

The inability to overcome 7801.25 to 7811.75 will indicate some sellers. However, the trigger point for an acceleration to the downside is the short-term Fibonacci level at 7735.75. Taking out this level could drive the index into the short-term 50% level at 7638.00, followed by an uptrending Gann angle at 7577.25.

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