E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 13992.75, Weakens Under 13803.25

September E-mini NASDAQ-100 Index futures are edging higher shortly before the release of a pair of U.S. economic reports and the cash market opening. Prices are consolidating despite a surprise shift to hawkish by the Federal Reserve on Wednesday that triggered a sharp break.

At 11:27 GMT, September E-mini NASDAQ-100 Index futures are trading 13925.25, down 47.50 or -0.34%. This is up from yesterday’s low at 13830.25.

In terms of data due out at 12:30 GMT, the number of weekly jobless claims filed the week ended June 12 is expected to come in at 360K, down from the previously reported 376K. The Philly Fed Manufacturing Index is expected to come in at 30.3, down from last month’s 31.5.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since Tuesday’s closing price reversal top and yesterday’s subsequent confirmation of the move.

A trade through 14155.25 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend changes to down on a move through 13451.25.

The minor trend is also up. A trade through 13716.25 will change the minor trend to down. This will confirm the shift in momentum.

The minor range is 14155.25 to 13830.25. Its 50% level at 13992.75 is the upside target. Sellers could come in on the first test of this level. Overcoming this level could extend the rally into 14155.25.

The short-term range is 13451.25 to 14155.25. Its 50% level at 13803.25 is potential support.

The main range is 12906.00 to 14155.25. If the minor trend changes to down then look for the selling to possibly extend into its 50% level at 13530.50.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Thursday will be determined by trader reaction to the pivot at 13803.25.

Bullish Scenario

A sustained move over 13803.25 will indicate the presence of buyers. The first upside target is 13992.75. Look for sellers on the first test. Overcoming this level could trigger an acceleration into the main top at 14155.25.

Bearish Scenario

A sustained move under 13803.25 will signal the presence of sellers. The first target is the minor bottom at 13716.25. Taking it out will confirm the shift in momentum and could trigger a further break into the short-term 50% level at 13530.50, followed by the main bottom at 13451.25.