E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weakens Under 14973.25, Strengthens Over 15083.50

September E-mini NASDAQ-100 Index futures are trading lower shortly before the cash market close on Tuesday, while the blue chip Dow and the benchmark S&P 500 hit record highs. The tech-related index is being pressured as investors moved money into the economy-linked value stocks after the Senate passed a much-anticipated bipartisan $1 trillion infrastructure package.

At 19:37 GMT, September E-mini NASDAQ-100 Index futures are trading 15045.50, down 79.75 or -0.53%.

Late in the session, the tech-driven index is being driven lower by declines in Apple Inc, Amazon.com and Microsoft Corp.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has shifted to the downside. A trade through 15172.50 will signal a resumption of the uptrend. A move through 14445.00 will change the main trend to down.

The minor trend is down. The minor trend changed to down earlier today when sellers took out 15003.25. This shifted momentum to the downside.

The minor range is 15172.50 to 14994.50. The index is currently trading on the weak side of its pivot at 15083.50, turning it into resistance.

The second minor range is 14774.25 to 15172.50. Its 50% level at 14973.25 is the next downside target.

The third minor pivot comes in at 14808.75. Since the main trend is up, buyers could come in on a test of this level. If it fails then look for a potential acceleration into 14565.50 to 14501.25.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index into the close on Tuesday is likely to be determined by trader reaction to 15083.50.

Bearish Scenario

A sustained move under 15083.50 will indicate the presence of sellers. The first downside target is 14973.25. Watch for buyers on the first test. If it fails then look for a possible late session sell-off into 14808.75, followed closely by 14774.25.

Bullish Scenario

A sustained move over 15083.50 will signal the return of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into the record high at 15172.50.