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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market opening. The initial rally was fueled by the hope of a U.S.-China trade deal after President Trump said he would delay U.S. tariffs on some Chinese imports. The market was further supported by a European Central Bank rate cut and the announcement of a massive bond-buying program. There is also chatter that President Trump is looking to make an interim trade with China.

At 15:33 GMT, September E-mini NASDAQ-100 Index futures are trading 7938.50, up 49.00 or +0.63%.

The news is bullish, but traders haven’t responded much since the opening, which could be a sign that buyers are looking for value and are reluctant to chase the market higher this close to the all-time high.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 7982.75 will indicate the buying is getting stronger. The main trend will change to down on a move through 7744.25.

The nearest support is the retracement zone at 7735.75 to 7638.00.


Daily Technical Forecast

After the initial rally, the upside momentum has just died, which could mean the buying has stopped or the selling is increasing. The index is also trapped inside a pair of Gann angles at 7981.75 and 7911.75.

Bullish Scenario

A sustained move over 7981.75 will indicate the presence of buyers. This could trigger an acceleration to the upside with the July 24 top at 8051.75 the next target. This is the contract high.

Bearish Scenario

A sustained move under 7981.75 will signal the presence of sellers. Crossing to the weak side of the angle at 7911.75 will indicate the selling is getting stronger with the next target an uptrending Gann angle at 7872.25. There could be a technical bounce on the first test of this angle.

If 7872.25 fails then look for the selling to possibly extend into a pair of uptrending Gann angles at 7808.25 and 7776.25.

The market is also ripe for a closing price reversal top. The key number to watch is yesterday’s close at 7889.75. A close under this level could lead to a 2 to 3 day correction.

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