E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Struggling to Find Direction into Close

September E-mini NASDAQ-100 Index futures are inching higher late in the session on Wednesday as traders continue to perform quarterly rebalances, while trying to figure out if the market finally reached a bottom last week.

The tech-weighted index is on its way to its worst-ever first-half performance. It’s also in a position to post its second consecutive quarterly decline.

At 19:09 GMT, September E-mini NASDAQ-100 Index futures are trading 11679.75, up 5.05 or +0.05%. The Invesco QQQ Trust ETF (QQQ) is at $283.85, up $0.31 or +0.11%.

In stock related news, market leaders Apple, Amazon.com and Microsoft provided the upside muscle.

In economic news, Commerce Department data showed GDP contracted slightly more than previously stated in the first three months of the year, with consumer spending, which accounts for about 70% of the economy, contributing substantially less than originally reported.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher.

A trade through 12262.00 will change the main trend to up. A move through 11068.50 will signal a resumption of the downtrend.

The minor trend is up. This is controlling the momentum.

The intermediate range is 12973.75 to 11068.50. Its retracement zone at 12021.25 to 12246.00 is resistance. This stopped the buying at 12262.00 on Monday.

The short-term range is 11068.50 to 12262.00. The index is currently testing its retracement zone at 11671.25 to 11524.50.

Daily Swing Chart Technical Forecast

Trader reaction to the short-term 50% level at 11671.25 is likely to determine the direction of the September E-mini NASDAQ-100 Index into the close on Wednesday.

Bullish Scenario

A sustained move over 11671.25 will indicate the presence of buyers. Look for a surge into a minor pivot at 11913.25 if this move creates enough upside momentum.

Bearish Scenario

A sustained move under 11671.25 will signal the presence of sellers. This could trigger a break into the short-term Fibonacci level at 11524.50. This is a potential trigger point for an acceleration to the downside with 11068.50 the next key target.