E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trade Through 15702.25 Sets Record High

December E-mini NASDAQ-100 Index futures are trading just below a record high at the mid-session on Tuesday, boosted by Tesla, Nvidia and other tech-related companies.

Tesla Inc rose 5.4%, extending a record run that helped the electric car leader surpass $1 trillion in market value on Monday after landing its biggest-ever order from rental car company Hertz.

Chipmaker Nvidia rose 7.8% to an all-time high, while gains in Amazon, Apple and Microsoft helped the tech-heavy NASDAQ Composite outperform.

At 15:19 GMT, December E-mini NASDAQ-100 Index futures are trading 15662.75, up 167.00 or +1.08%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the September 7 main top at 15702.25 will reaffirm the uptrend. The main trend will change to down on a move through the last swing bottom at 15273.75.

The minor range is 15273.75 to 15701.00. The market is currently trading on the strong side of its pivot at 15487.25, making it new support.

The second minor range is 14585.50 to 15701.00. If the main trend changes to down then its pivot at 15034.25 will become the next downside target, followed by a retracement zone at 15034.25 to 14887.00.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index into the close on Tuesday will be determined by trader reaction to 15495.75.

Bullish Scenario

A sustained move over 15495.75 will indicate the presence of buyers. Taking out the intraday high at 15701.00 will indicate the buying is getting stronger. A move through 15702.25 will set a new record. This could trigger an acceleration to the upside with no target in place.

Bearish Scenario

A sustained move under 15495.75 will signal the presence of sellers. Crossing to the weak side of the minor pivot at 15487.25 will indicate the selling pressure is getting stronger. If this move creates enough downside momentum then look for a test of 15273.75.

Taking out 15273.75 will change the main trend to down. This could extend the selling into a series of retracement levels at 15143.25, 15034.25 and 14877.00.

Closing Price Reversal Top

A close under 15495.75 will form a closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 day correction with 15413.25 a potential target.