E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 24, 2019 Forecast

September E-mini NASDAQ-100 Index futures are trading higher during the pre-market session but inside Thursday’s and Friday’s range. This chart pattern indicates investor indecision and impeding volatility. There are also signs that upside momentum is starting to slow after increasing at a rate of 128 points per day for 13 trading sessions. However, these are only signs of weakness and not necessarily the start of a change in trend.

At 08:04 GMT, September E-mini NASDAQ-100 Index futures are trading 7775.00, up 23.50 or +0.30%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 7821.00 will signal a resumption of the uptrend with the next major target the April 25 main top at 7910.75.

The main trend will change to down on a trade through 7446.25. This is not likely to take place today, but the index is inside the window of time for a closing price reversal top. If confirmed, this chart pattern could lead to a 2 to 3 day sell-off.

The main range is 7910.75 to 6969.00. Its retracement zone at 7551.00 to 7439.75 is the primary downside target.

Daily Technical Forecast

Based on the early price action and the current price at 7775.00, the direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 7746.75.

Bullish Scenario

A sustained move over 7746.75 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the next downtrending Gann angle at 7828.75. This is the last potential resistance angle before the 7910.75 main top.

Overtaking two steep uptrending Gann angles at 7894.25 and 7929.00 will put the index in an extremely bullish position.

Bearish Scenario

A sustained move under 7746.75 will signal the presence of sellers. This could trigger a break into an uptrending Gann angle at 7670.25. Look for an acceleration into possibly 7558.25 to 7551.00 over the near-term if 7670.25 fails as support.