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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Short-Term Target Moves Up to 15477.00 to 15424.75

By:
James Hyerczyk
Updated: Sep 2, 2021, 02:34 UTC

The direction of the September E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to the pivot at 15559.50.

E-mini NASDAQ-100 Index

In this article:

September E-mini NASDAQ-100 Index futures closed Wednesday at a record high, negating the previous session’s potentially bearish closing price reversal top and signaling a resumption of the uptrend. Strong demand for technology stocks and weaker than expected private payrolls data, which supported the case for dovish monetary policy, were the supportive catalysts behind the move.

On Wednesday, September E-mini NASDAQ-100 Index futures settled at 15609.25, up 26.75 or +0.17%.

Technology stocks, which tend to benefit from a low-rate environment, finished higher. Apple Inc rose 0.4% to its second-highest close, and Facebook Inc, Amazon.com Inc and Google-owner Alphabet Inc all advanced between 0.2% and 0.7%.

In economic news, a report by ADP, published ahead of the U.S. government’s more comprehensive employment report on Friday, showed private employers hired far fewer workers than expected in August.

Daily September E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15699.00 will signal a resumption of the uptrend.

The main trend will change to down on a trade through 14710.50. This is highly unlikely, but since the market is up 10 sessions from its last main bottom on August 19, it begins the session inside the window of time for a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 15255.25 will change the minor trend to down. This will shift momentum to the downside.

The minor range is 15255.25 to 15699.00. Its retracement zone at 15477.00 to 15424.75 is the primary downside target.

The short-term range is 14710.50 to 15699.00. If the minor trend changes to down then its retracement zone at 15204.75 to 15088.00 will become the next major downside target zone.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to the pivot at 15559.50.

Bullish Scenario

A sustained move over 15559.50 will indicate the presence of buyers. If this move can create enough upside momentum then look for the rally to possibly lead to a retest of 15699.00. Taking out this level will signal a resumption of the uptrend. If the buying volume is strong enough, we could see an acceleration to the upside.

Bearish Scenario

A sustained move under 15559.50 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the minor pivot zone at 15477.00 to 15424.75. Since the main trend is up, buyers are likely to come in on a test of this area.

If 15424.75 fails as support then look out to the downside.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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