E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – August 17, 2018 Forecast

James Hyerczyk
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September E-mini NASDAQ-100 Index futures are expected to open lower based on the premarket trade. The market is also in a position to close lower for the week.

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Daily September E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 7316.50 signal a resumption of the selling pressure. A trade through 7505.50 will change the main trend to up with 7530.00 the next upside target.

The short-term range is 7505.50 to 7316.50. Its retracement zone at 7411.00 to 7433.00 is the primary upside target. Since the trend is down, sellers are likely to come in on a test of this zone.

The intermediate range is 7530.00 to 7166.75. Its 50% level or pivot is 7348.25. This is the first downside target today.

The main range is 7166.75 to 7505.50. Its retracement zone at 7335.75 to 7296.00 is the next downside target.

A pair of 50% levels at 7348.25 to 7335.75 form a support cluster. We could see a technical bounce on the first test of this area.

The major support is 7243.00 to 7175.25.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini NASDAQ-100 Index is likely to be determined by trader reaction to the uptrending Gann angle at 7390.75.

A sustained move under 7390.75 will indicate the presence of sellers. This could lead to a test of the 50% levels at 7348.25 and 7335.75.

If 7335.75 fails as support then look for the selling to extend into this week’s low at 7316.50, a Fibonacci level at 7296.00 and another uptrending Gann angle at 7278.75.

Overcoming 7390.75 will signal the return of buyers. This could lead to a test of the resistance cluster at 7409.50 to 7411.00.

Taking out 7411.00 could trigger a spike into 7433.25. This is another trigger point for an acceleration into a downtrending Gann angle at 7457.00.

Basically, look for the index to weaken under 7390.75 and strengthen over 7411.00.

This article was originally posted on FX Empire

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