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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – June 27, 2018 Forecast

Trade war jitters are putting pressure on September E-mini NASDAQ-100 Index futures during the pre-market session. At 1028 GMT, the market is trading 7055.25, down 48.75 or -0.69%.

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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 Monday’s low at 6995.50 will signal a resumption of the downtrend. A move through 6855.50 will reaffirm the downtrend.

The main range is 6855.50 to 7358.50. The index is currently straddling its retracement zone at 7107.00 to 7047.75. Trader reaction to this zone will determine the direction of the index today.

The short-term range is 7358.50 to 6995.50. If an upside bias develops then look for a possible rally into its retracement zone at 7177.00 to 7219.75.

Daily Technical Forecast

Based on the early price action, the direction of the index during the regular session is likely to be determined by trader reaction to the support cluster at .7047.75 to 7047.50.

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A sustained move over 7047.75 will indicate the presence of buyers. This could trigger a retest of the resistance cluster at 7102.50 to 7107.00. This zone was tested earlier in the session.

Overtaking and sustaining a move over 7107.00 could trigger an acceleration to the upside with the next target the 50% level at 7177.00. This is followed by another resistance cluster at 7219.75 to 7230.50.

A sustained move under 7047.50 will signal the presence of sellers. This could trigger a move into this week’s low at 6995.00.

If 6995.00 fails as support then look for the selling to extend into a pair of uptrending Gann angles at 6951.50 and 6903.50. The latter is the last potential support angle before the 6855.50 main bottom.

The daily chart shows that the way of least resistance is down. If buyers do come in to support the market, the next rally is likely to be labored because of the series of resistance levels.

This article was originally posted on FX Empire

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