E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Short-Term Strength Over 7551.00, Weakness Under 7536.25

Based on Monday’s close at 7561.25, the direction of the September E-mini NASDAQ-100 Index early Tuesday is likely to be determined by trader reaction to the major Fibonacci level at 7551.00 and the short-term pivot at 7536.25. Near-term, we’re looking for a strong upside bias to possibly develop over 7626.25, and for a strong downside bias to develop on a sustained move under 7439.75.
James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures settled higher on Monday, supported by strong gains in Facebook and Netflix, which climbed 4.2% and 3.2% respectively. The strength was also driven by a 0.9% gain in Amazon, a 0.7% rally in Alphabet and a 0.6% gain by Apple. Gains were likely limited by low volume tied to uncertainty over the Federal Reserve’s interest rate and monetary policy decisions on Wednesday. The Fed is not expected to cut rates at this meeting, but policymakers may open the door to potential rate cuts in July and September.

On Monday, September E-mini NASDAQ-100 Index futures finished at 7561.25.

Daily Sept E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 7626.25 will change the main trend to up. Taking out 7666.75 will reaffirm the uptrend. A move through 7446.25 will reaffirm the downtrend.

The main range is 7910.75 to 6969.00. Its retracement zone at 7439.75 to 7551.00 is controlling the near-term direction of the index.

The short-term range is 7626.25 to 7446.25. Its 50% level or pivot at 7536.75 acted like support throughout the session.

Daily Swing Chart Technical Forecast

Based on Monday’s close at 7561.25, the direction of the September E-mini NASDAQ-100 Index early Tuesday is likely to be determined by trader reaction to the major Fibonacci level at 7551.00 and the short-term pivot at 7536.25.

Bullish Scenario

A sustained move over 7551.00 will indicate the presence of buyers. If this creates enough upside momentum then look for a possible drive into the main top at 7626.25.

Taking out 7626.25 will change the main trend to up. Taking out 7666.75 will indicate the buying is getting stronger. The next major target is the main top at 7910.75.

Bearish Scenario

A sustained move under 7536.25 will signal the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the main bottom at 7446.25 and the major 50% level at 7439.75.

The daily chart starts to open up to the downside under 7439.75 with the next major downside target zone coming in at 7297.50 to 7220.00.

Overview

Near-term, we’re looking for a strong upside bias to possibly develop over 7626.25, and for a strong downside bias to develop on a sustained move under 7439.75.

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