E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 7454.75, Weakens Under 7434.00

September E-mini NASDAQ-100 Index futures are trading lower shortly after the cash market opening.  Geopolitical uncertainty in Turkey is encouraging investors to shed higher risk assets like stocks. While the Turkish Lira was plunging to a record low, traders were also raising concerns over the trade dispute with China, and new sanctions against Russia.

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trend higher. A trade through 7530.00 will change the main trend to up.

The minor trend is up. The new minor top is 7505.50. A trade through this top will signal a resumption of the uptrend.

The main range is 7530.00 to 7166.75. Its 50% level or pivot is 7348.25.

The short-term range is 7166.75 to 7505.50. Its retracement zone is 7336.25 to 7296.00 is new support.

The major support zone is 7243.00 to 7175.25.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index will be determined by trader reaction to a steep uptrending Gann angle at 7454.75 and a downtrending Gann angle at 7434.00.

A sustained move under 7434.00 will indicate the presence of sellers. The daily chart is wide open under this angle with the next target zone the 50% price cluster at 7348.25 to 7336.00.

A sustained move over 7454.75 will signal the presence of buyers. This could lead to a labored rally with target angles coming in at 7482.00 and 7506.00. The latter is the last potential support angle before the 7530.00 main top.