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James Hyerczyk
E-mini NASDAQ-100 Index

September E-mini NASDAQ-100 Index futures reversed earlier losses and are now trading higher for the session, two hours before the cash market close. Overall, however, it has been a generally lackluster day with many investors taking to the sidelines ahead of Thursday’s European Central Bank monetary policy decision. Investors are also waiting for earnings results later this week from Facebook, Google’s parent Alphabet an Amazon.

At 18:07 GMT, September E-mini NASDAQ-100 Index futures are trading 7919.75, up 77.25 or +0.98%.

Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has shifted to the downside. A trade through 8001.50 will signal a resumption of the uptrend. A move through 7743.00 will change the main trend to down.

The minor trend is down. It turned down on Friday. This move shifted momentum to the downside. A trade through 7815.25 will mean the selling pressure is getting stronger. A move through 7980.75 will change the minor trend to up.

The minor range is 8001.50 to 7815.25. Its 50% level or pivot at 7908.50 is controlling the direction of the index today.

The short-term range is 7446.25 to 8001.50. If the trend changes to down then its retracement zone at 7723.75 to 7658.25 will become the next important support area.


Daily Technical Forecast

Based on the early price action and the current price at 7919.75, the direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to the pivot at 7908.50.

Bullish Scenario

A sustained move over 7908.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a drive into the minor top at 7980.75. Taking out this level could drive the index into the main top at 8001.50. Overtaking a pair of uptrending Gann angles at 8031.00 and 8057.00 will put the index in an extremely bullish position.

Bearish Scenario

A sustained move under 7908.50 will signal the presence of sellers. The initial downside targets are uptrending Gann angles at 7887.00 and 7862.25. If these angles fail as support then look for the selling to possibly extend into the last week’s low at 7815.25.

If 7815.25 fails as support then look for a potential acceleration into the main bottom at 7743.00 and the short-term 50% level at 7723.75.

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