E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Shrugs Off Early Weakness to Post Moderate Gain

September E-mini NASDAQ-100 Index futures are trading higher late in the session on Thursday after alternating between gains and losses throughout the session while investors continued to digest the impact of the jump in coronavirus cases on the economic recovery. The market was also boosted by the news of a regulation rollback for the big banks.

At 19:53 GMT, September E-mini NASDAQ-100 Index futures are trading 10077.75, up 67.00 or +0.67%.

In other news, Apple will re-close 14 stores in Florida as COVID-19 cases rise in the state, the company said on Thursday. The stores will re-close on Friday.

The shutdowns come after Apple re-closed seven retail stores in Texas on Wednesday, and 11 stores across Florida, North Carolina, South Carolina, and Arizona last week. Apple has now announced the re-closing of 32 stores in the United States.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 10296.25 will signal a resumption of the uptrend. The main trend will change to down on a move through 9368.25.

The minor trend is also up. A trade through 9843.50 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 10296.25 to 9843.50. Its pivot at 10091 is acting like resistance.

The second minor range is 9368.25 to 10296.25. Its pivot at 9832.25 is possible support.

The short-term range is 8841.00 to 10296.25. Its retracement zone at 9568.50 to 9397.00 is support.

Short-Term Outlook

The subdued price action on Thursday suggests the next short-term move will be determined by trader reaction to the 50% levels at 10091.00 and 9832.25.

Bullish Outlook

Overcoming and sustaining a rally over 10091.00 will indicate the presence of buyers. This could trigger an acceleration into the record high at 10296.25.

Bearish Outlook

The inability to sustain a rally over 10091.00 will be the first sign of selling pressure. A failure to hold the 50% level at 9832.25 will indicate the selling is getting stronger. This could trigger a spike into the short-term retracement zone at 9568.50 to 9397.00.

For longer-term traders, the trigger point for an acceleration to the downside is 9368.25. If this fails, the chart indicates we could see the start of a steep break into at least 8461.00.

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