E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Showing Some Strength Over 14954.00 Pivot

September E-mini NASDAQ-100 Index futures are inching higher at the mid-session on Wednesday. Although the index is trading at its highest level since July 29, it still remains inside the wide range formed on July 27. This type of price action tends to indicate investor indecision and impending volatility.

At 16:14 GMT, September E-mini NASDAQ-100 Index futures are trading 15061.75, up 15.50 or +0.10%.

In stock related news, the three biggest gainers are Moderna Inc, Advanced Micro Devices Inc and Zoom Video Communications Inc. They are up 7.39%, 5.35% and 3.55% respectively. The three biggest losers are Amgen Inc, Match Group Inc and Kraft Heinz Co. They are currently trading down 5.89%, 5.79% and 4.78% respectively.

In economic news, the ADP private payroll survey showed a gain of 330,000 jobs in July, well short of the consensus estimate of 653,000. The report comes ahead of the Labor Department’s official jobs report, which will be released on Friday, CNBC said.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15134.00 will signal a resumption of the main trend. A move through 14445.00 will change the main trend to down.

The minor range is 15134.00 to 14774.25. The index is currently trading on the strong side of its pivot at 14954.00.

The short-term range is 14445.00 to 15134.00. Its 50% level at 14789.50 is another potential support level.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 14954.00.

Bullish Reaction

A sustained move over 14954.25 will indicate the presence of buyers. If there was volume today then we could see a surge into the record high at 15134.00.

Bearish Reaction

A sustained move under 14954.00 will signal the presence of sellers. If this move can generate enough downside momentum then look for the selling to possibly extend into the support cluster at 14789.50 to 14774.25.