E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 7365.00, Weakens Under 7348.00

The NASDAQ-100 E-mini futures contract is trading higher Friday, recovering from early session weakness. One number to pay attention to today is last week’s close at 7393.00. Finishing under this level will produce a potentially bearish weekly closing price reversal top.

At 0817 GMT, September E-mini NASDAQ-100 Index futures are trading 7396.75, up 29.00 or +0.39%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum may be getting ready to shift to the downside with the formation of the daily closing price reversal top on Wednesday and the subsequent confirmation on Thursday.

A trade through 7437.75 will negate the reversal top and signal a resumption of the uptrend. A move through 7292.50 will change the main trend to down.

The short-term range is 7292.50 to 7437.75. Its retracement zone at 7365.00 to 7348.00 provided support earlier today when the intraday low was reached at 7350.75.

The main range is 6956.00 to 7437.75. If the trend changes to down then its retracement zone at 7196.75 to 7140.00 becomes the primary downside target.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to 7365.00 to 7348.00.

A sustained move over 7365.00 will indicate the presence of buyers. This could generate the upside momentum needed to challenge the main top at 7437.75. This is a potential trigger point for an acceleration to the upside.

A sustained move under 7348.00 will signal the presence of sellers. This could trigger an acceleration to the downside with 7292.50 the next downside target.

Taking out 7292.50 will change the main trend to down. This could fuel another acceleration into 7196.75 to 7140.00.