E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Downside Momentum Targets 14476.50 – 14413.00 Pivots

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September E-mini NASDAQ-100 Index futures are called lower based on the pre-market trade on Monday, after a spike in global COVID-19 cases raised fresh concerns about slowing economic growth.

New Infections surged in parts of Asia and England, while U.S. COVID-19 cases soared 70% last week, fueled by the Delta variant. Deaths rose 26% week-over-week to an average of 250 lives lost a day in the United States, mostly in unvaccinated patients.

At 13:27 GMT, September E-mini NASDAQ-100 Index futures are trading 14533.50, down 137.00 or -0.93%.

In tech stock related news, U.S.-listed shares of Alibaba Holding, Baidu and ridesharing app Didi Global declined about 3% each on renewed fears of anti-monopoly action against major technology firms.

Additionally, Zoom Video Communications Inc slipped 0.5% after the teleconferencing services provider announced a $14.7 billion all-stock deal to buy cloud-based call center operator Five9 Inc. Five9’s shares jumped 8.6%.

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 14996.00 will signal a resumption of the uptrend. A move through 13451.25 will change the main trend to down. This is highly unlikely, but the market is close to changing the minor trend to down.

The minor trend is also up. A trade through 14540.50 will change the minor trend to down. This will shift momentum to the downside.

The minor range is 14471.00 to 14996.00. The index is currently trading on the weak side of its 50% level at 14733.00.

The closest support is a pair of minor pivots at 14476.50 and 14413.00. The next two minor pivots come in at 14223.50 and 13951.00.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index on Monday is likely to be determined by trader reaction to the pivot at 14733.50.

Bearish Scenario

A sustained move under 14733.50 will indicate the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the minor bottom at 14540.50, followed by the 50% level at 14476.50, another minor bottom at 14471.00 and another minor pivot at 14413.00.

Bullish Scenario

A sustained move over 14733.50 will signal the presence of buyers. This could trigger a quick surge into 14742.50. Overcoming this level will indicate the buying is getting stronger with 14996.00 the next likely upside target.

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

This article was originally posted on FX Empire