E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 7490.00, Weakens Under 7450.00

September E-mini NASDAQ-100 Index futures closed higher last week and within striking distance of the all-time high. Also last week in the cash market, the benchmark S&P 500 Index and the broader-based NASDAQ Composite reached record highs.

The index closed at 7495.75, up 108.00 or +1.46%.

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. However, momentum has been sideways-to-lower since the closing price reversal top at 7530.00, the week-ending July 27.

A trade through 7530.00 will negate the closing price reversal top and signal a resumption of the uptrend. Taking out 7166.75 will confirm the downside momentum.

The minor trend is also up. A trade through 7316.50 will change the minor trend to down. This will be further confirmation that the downside momentum is strengthening.

The short-term range is 7166.75 to 7530.00. Its 50% level or pivot at 7348.25 is new support.

The intermediate range is 6956.00 to 7530.00. Its retracement zone is 7243.00 to 7175.25 is support. This zone stopped the selling at 7166.75 the week-ending August 3.

The main range is 6339.00 to 7530.00. Its retracement zone at 6934.50 to 6794.00 is major support.

Weekly Technical Forecast

Based on last week’s close at 7495.75, the direction of the September E-mini NASDAQ-100 Index this week is likely to be determined by trader reaction to the downtrending Gann angle at 7490.00.

A sustained move over 7490.00 will indicate the presence of buyers. This could trigger a fast move into 7505.50, followed by 7530.00.

Breaking out over 7530.00 will indicate the buying is getting stronger with the next upside target angle coming in at 7683.00. Crossing to the strong side of this angle will put the index in a bullish position.

A sustained move under 7530.00 will signal the presence of sellers. This should lead to a quick test of another downtrending Gann angle at 7450.00. The daily chart is wide open under this angle with the next targets 7348.25 and 7316.50.

Taking out 7316.50 will change the minor trend to down. This could trigger a further break into the retracement zone at 7243.00 to 7175.25. An uptrending Gann angle at 7028.00 passes through this zone, making it a valid downside target also.