E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis –Trade Through 14883.75 Extends Bullish Trend

September E-mini NASDAQ-100 Index futures are trading nearly flat in Monday’s overnight session as investors prepare for a week that features reports on U.S. consumer and producer inflation and retail sales as well as the start of earnings season and testimony from Federal Reserve Chairman Jerome Powell.

At 06:03 GMT, September E-mini NASDAQ-100 Index futures are at 14805.50, down 5.00 or -0.03%.

Tech investors don’t have to worry too much about this week’s earnings reports since the major technology results come later in the month. Nonetheless, since investors have been moving money back and forth between stocks tied to the economic recovery and growth stocks, NASDAQ traders have to pay attention because of the possibility of wild price swings.

In related news, the major averages’ record highs come ahead of the start of quarterly earnings reports. S&P 500 companies’ profits are expected to be up 65% from the same quarter a year ago, according to Refintiv, bouncing back from the worst of the pandemic. The expected surge in profits would be the strongest earnings growth since the fourth quarter of 2009, as stocks recovered from the financial crisis.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 14883.75 will signal a resumption of the uptrend. A trade through 13451.25 will change the main trend to down. However, there is room for a short-term pullback.

The minor trend is also up. A trade through 14540.50 will change the minor trend to down. This will shift momentum to the downside. Additional minor bottoms come in at 14471.00, 13958.50, 13830.25 and 13716.25 so there is plenty of potential support before a major change in trend.

The first minor range is 14471.00 to 14883.75. Its 50% level at 14677.25 is the nearest support. Additional 50% support levels come in at 14421.00 and 14357.00. The latter is a potential trigger point for an acceleration into another 50% level at 14167.50.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to 14712.00.

Bullish Scenario

A sustained move over 14712.00 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for a retest of 14883.75. This is a potential trigger point for an acceleration into the psychological 15,000 level.

Bearish Scenario

A sustained move under 14712.00 will signal the presence of sellers. The first target is a pivot at 14677.25. Look for the selling pressure to pick up if this price fails with the next potential targets lined up at 14540.50, 14471.00 and 14421.00.