E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Underpinned by Pivot at 7442.00

September E-mini NASDAQ-100 Index futures are trading higher at the mid-session. There hasn’t been much movement since early in the session. The market is being underpinned by an easing of tensions over the financial turmoil in Turkey and gains in Apple and Amazon.

At 1747 GMT, the index is trading 7454.75, up 37.75 or +0.51%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7505.50 will signal a resumption of the uptrend with 7530.00 the next likely target.

The minor trend is down. This shifted momentum to the downside. A trade through 7479.00 will change the minor trend to up. A move through 7378.25 will indicate the selling is getting stronger.

The short-term range is 7505.50 to 7378.25. Its 50% level or pivot at 7442.00 is controlling the direction of the index today.

The intermediate range is 7166.75 to 7505.50. Its retracement zone at 7336.00 to 7296.00 is the nearest support.

The major support is the retracement zone at 7243.00 to 7175.25.

Daily Technical Forecast

Based on the current price, 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 7442.00.

A sustained move over 7442.00 will indicate the presence of buyers. This could trigger a late session rally into downtrending Gann angles at 7481.50 and 7493.50. The latter is the last potential resistance before the 7505.50 main top.

A sustained move under 7442.00 will signal the presence of sellers. The first downside target is yesterday’s low at 7378.25, followed by an uptrending Gann angle at 7342.75. If this level is violated, then look for the selling to extend into 7336.00 to 7296.00.

Watch the price action and read the order flow at 7442.00 all session. Trader reaction to this level will tell us if the buyers or sellers are in control.