E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 15477.00 – 15424.75 to Sustain Rally

September E-mini NASDAQ-100 Index futures rose on Friday after a mixed U.S. jobs report likely pushed back the timetable for when the Federal Reserve starts to reduce its massive support of the economy.

The headline number showed U.S. employers created the fewest jobs in seven months in August as the COVID-19 Delta variant hurt the leisure and hospitality sector, but a 0.6% increase in wages and a drop in the unemployment rate to 5.2% showed underlying strength in the economy.

At 20:13 GMT, September E-mini NASDAQ-100 Index futures settled at 15653.50, up 52.50 or +0.34%.

The technology-weighted index initially fell as the slowdown in U.S. jobs growth raised questions about the pace of the recovery, but the NASDAQ edged higher after the report calmed fears of an imminent tapering of the Fed’s stimulative bond-buying program.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15699 will signal a resumption of the uptrend. A move through 14710.50 will change the main trend to down. Friday’s inside trade suggest investor indecision and impending volatility.

The minor range is 15255.25 to 15699.00. Its retracement zone at 15477.00 to 14524.75 is the nearest downside target zone.

The short-term range is 14710.50 to 15699.00. If the minor trend changes to down then look for the selling to possibly continue into its retracement zone at 15204.75 to 15088.00.

Short-Term Outlook

The direction of the September E-mini NASDAQ-100 Index over the short-term is likely to be determined by trader reaction to the minor retracement zone at 15477.00 to 15424.75.

Bullish Scenario

A sustained move over 15477.00 will indicate the presence of buyers with 15699.00 a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 15424.75 will signal the presence of sellers. This could trigger the start of a correction into the short-term retracement zone at 15204.75 to 15088.00.