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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Straddling 14954.25 for Sixth Straight Session

·2 minuto per la lettura

September E-mini NASDAQ-100 Index futures are trading mixed at the mid-session on Tuesday, as concerns around a surge in the Delta variant of the coronavirus tarnished an upbeat corporate earnings season and a pickup in global deals activity.

At 15:53 GMT, September E-mini NASDAQ-100 Index futures are at 14983.00, up 30.25 or +0.20%.

Rising cases of the Delta variant and signs that the domestic economic rebound had begun to slow have knocked the three main U.S. stock indexes off record highs, while a deepening regulatory scrutiny in China has sent jitters through the global technology sector.

In stock related news, shares of U.S.-listed gaming companies including Activision Blizzard Inc, Electronic Arts Inc, Zynga Inc and Take-Two Interactive Software Inc fell between 2.8% and 9%.

Daily September E-mini NASDAQ-100 Index
Daily September E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15134.00 will signal a resumption of the uptrend. A move through 14445.00 will change the main trend to down.

The minor range is 15134.00 to 14774.25. The index has been straddling its pivot at 14954.25 the last six sessions.

The short-term range is 14445.00 to 15134.00. Its 50% level at 14789.50 is support. This levels stopped the selling on July 27.

Additional support is a pair of 50% levels at 14546.25 and 14482.00.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 14954.25.

Bullish Scenario

A sustained move over 14954.25 will indicate the presence of buyers. If this move can generate enough upside momentum then look for a surge into 15134.00.

Bearish Scenario

A sustained move under 14954.00 will signal the presence of sellers. This could trigger a break into 14789.50 to 14774.25.

If 14774.25 fails as support on heavy volume, we could see a plunge into the support cluster at 14546.25 to 14445.00.

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

This article was originally posted on FX Empire

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