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James Hyerczyk
Stock Chart Up

September E-mini NASDAQ-100 Index futures are trading lower early Wednesday after failing to follow-through to the upside after closing on is high yesterday. The move also fell short of its all-time high, which suggests investors may be unwilling to buy strength at current price levels.

On Wednesday, the market was supported by a report from Bloomberg News that said in-person talks between the United States and China would start Monday as negotiators headed to China. The technology-based index was also supported by the news that Apple is in talks to buy Intel’s 5G modem division, including patents and staff, for $1 billion or more, the Wall Street Journal reported.

At 07:49 GMT, September E-mini NASDAQ-100 Index futures are trading 7943.50, down 40.75 or -0.51%.

Daily September E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 8001.50 will signal a resumption of the uptrend. A trade through 7815.25 will change the main trend to down.

The market is also being supported by two 50% levels at 7908.25 and 7972.25.

If the main trend changes to down then look for a potential break into an intermediate retracement zone at 7723.75 to 7658.25.

The main range is 6969.00 to 8001.50. Its retracement zone at 7485.25 to 7363.50 is support. This zone is controlling the longer-term direction of the index. Holding above this zone will help generate an upside bias.

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Daily Swing Chart Technical Forecast

Based on yesterday’s price action and today’s early move, the direction of the September E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to the short-term 50% level at 7908.25 and the short-term 50% level at 7872.25.

Bullish Scenario

A sustained move over 7908.25 will indicate the presence of buyers. If this can create enough upside momentum then look for a drive into the main top at 8001.50. Taking out this level could trigger an acceleration to the upside.

Bearish Scenario

A failure to hold 7908.25 will signal the presence of sellers. This could lead to a quick test of the next 50% level at 7872.25.

Buyers could come in on the first test of 7872.25, but if it fails then look for the selling to possibly extend into the main bottom at 7815.25.

Taking out 7815.25 will change the main trend to down. This could trigger an acceleration to the downside with the next targets a main bottom at 7743.00 and a 50% level at 7723.75.

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