E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Uptrend Resumes Through 11438.00

September E-mini NASDAQ-100 Index futures are trading higher on Thursday after rebounding from earlier weakness. A strong recovery in the tech sector is helping to offset disappointing U.S. jobs data. On Wednesday, the market gave back all of its gains after the Fed minutes said central bankers think the economy faces a tough road to recovery.

At 15:35 GMT, September E-mini NASDAQ-100 Index futures are trading 11398.25, up 66.25 or +0.58%.

The number of Americans filing for a new claim for unemployment benefits rose to 1.106 million in the week ended August 15 after slipping below the 1 million level for the first time since the start of the pandemic, in the prior week.

In stock news, Nvidia shares pulled back by 1.9% even after reporting blowout results. A better-than-expected 50% jump in revenue last quarter still wasn’t enough to lift the stock, which has doubled this year. Investors are growing concerned about valuations for high flying tech shares.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 11438.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through the nearest main bottom at 10845.50.

The minor trend is also up. If buyers can take out 11438.00 then 11221.50 will become a new minor bottom. A trade through that level will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 11438.00 to 11221.50. Its 50% level or pivot at 11329.75 is new intraday support.

The second minor range is 10845.50 to 11438.00. Its retracement zone at 11141.75 to 11071.75 is another support area.

Short-Term Outlook

Investors are very close to negating Wednesday’s potentially bearish closing price reversal top. There was a confirmation of the move earlier today, but it looks like it did very little damage to investor sentiment.

Taking out 11438.00 will obviously signal a resumption of the uptrend.

A failure to take out 11438.00 could lead to another test of the pivot at 11329.75. If this fails then look for a possible retest of the intraday low at 11221.50. This is followed by a retracement zone at 11141.75 to 11071.75.

For a look at all of today’s economic events, check out our economic calendar.