E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Straddling Key Pivot Price at 7535.75

Based on the early price action and the current price at 7741.50, the direction of the September E-mini NASDAQ-100 Index the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 7735.75.
James Hyerczyk
NASDAQ-100 Index
NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading sharply higher at the mid-session on Tuesday after rebounding from early session weakness. The huge intraday rally was fueled after the Trump Administration announced it was delaying some tariffs against China until December 15. The items excluded by the tariffs include cellphones and clothing. The move helped trigger a surge in technology stocks include Dow component Apple, which jumped 4%.

At 16:00 GMT, September E-mini NASDAQ-100 Index futures are trading 7741.50, up 174.75 or +2.31%.

President Trump added later in the session that he delayed tariffs because of concerns over Christmas shopping season.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 8051.75 will change the main trend to up. A move through 7724.50 will signal a resumption of the downtrend.

The minor trend is up. It changed to up earlier today on a trade through 7738.50. This move shifted momentum to the upside. A trade through 7514.00 will change the minor trend to up and shift momentum back to the downside.

The main range is 6969.00 to 8051.75. Its retracement zone at 7510.25 to 7382.50 is support. This zone is also controlling the near-term direction of the market.

The short-term range is 8051.75 to 7224.50. Its retracement zone at 7638.00 to 7735.75 is a key pivot area. The market is currently attempting to breakout to the upside over this zone. It just needs a wave of new buying. At this time, the rally seems to be supported primarily by short-covering.

Daily Technical Forecast

Based on the early price action and the current price at 7741.50, the direction of the September E-mini NASDAQ-100 Index the rest of the session 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. If this creates enough upside momentum, it could trigger a retest of the uptrending Gann angle at 7769.00. Overcoming this angle could lead to a test of the downtrending Gann angle at 7827.75.

Sellers could come in on a test of 7827.75, however, look for a potential acceleration to the upside if buyers can overcome this angle. The next target angle drops in at 7939.75.

Bearish Scenario

A sustained move under 7735.75 will signal the presence of sellers. If this move is able to generate enough downside momentum then look for the break to possibly extend into the short-term 50% level at 7638.00.

Crossing to the weak side of a downtrending angle at 7603.75 will indicate the selling is getting stronger with other potential targets coming in at 7514.00 and 7510.25. This is a potential trigger point for an acceleration into the main Fibonacci level at 7382.50.

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