E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Stay Above 11562.00 to Sustain Rally

September E-mini NASDAQ-100 Index futures are set to open at an all-time on Monday on bets that technology focused companies will emerge stronger from the pandemic and the economy will return to growth on continued monetary and fiscal support.

Helping to boost prices on Monday is the news that the FDA approved for emergency use antibody-rich blood plasma on COVID-19 patients. Further aiding the rally was a report that the Trump administration is considering fast-tracking an experimental COVID-19 vaccine being developed by AstraZeneca Plc and Oxford University for use in the United States before election.

At 13:07 GMT, September E-mini NASDAQ-100 Index futures are trading 11688.75, up 126.75 or +1.10%. Earlier in the session, the futures contract reached a new record high at 11695.75.

NASDAQ Stocks in the News

Apple – Today is the “record date” for Apple’s recently announced 4-for-1 stock split, applying to shareholders of record as of the close of business today. The shares are set to begin trading on a split-adjusted basis on August 31.

Moderna – Moderna said enrollment levels for its late-stage 30,000 patient COVID-19 vaccine trial have passed the 40% mark. The drugmaker began the study last month and expects to complete enrollment in September.

Microsoft – Microsoft said in a court filing that Apple’s actions against Fortnite creator Epic Games will hurt the entire videogame industry. Apple removed Epic’s games from its app store for violating its payment rules.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out last week’s high at 11573.50. The main trend will change to down on a move through 10845.50.

The minor trend is also up. The minor trend will change to down if 11221.50 fails as support. This will also shift momentum to the downside.

Daily Swing Chart Technical Forecast

The rally continues to be driven by headlines about a coronavirus treatment or vaccine. Look for higher-highs and higher-lows to signal the uptrend remains intact.

A higher-high, lower-close will signal that the selling is greater than the buying at current price levels. This chart pattern won’t change the trend to down, but it could signal the start of a short-term correction.