E-mini NASDAQ-100 Set Up for Breakout Over 15268.75

June E-mini NASDAQ-100 Index futures are soaring shortly before the close on Monday, boosted by megacap stocks and a 20% jump in Twitter shares, even as the global mood remained cautious amid talks of more sanctions against Russia over its invasion of Ukraine.

Reuters reported that micro-blogging site Twitter Inc surged 24.1% to become the best performing stock on the NASDAQ-100 and the benchmark S&P 500 after Tesla Inc Chief Executive Officer Elon Musk reported a 9.2% stake in the company.

At 19:08 GMT, June E-mini NASDAQ-100 Index futures are trading 15133.50, up 269.75 or +1.81%. The Invesco QQQ Trust Series 1 ETF (QQQ) is at $368.54, up $6.69 or +1.85%.

Technology companies including Apple, Amazon, Nvidia and Microsoft were up more than 1%. Shares of Tesla also put in a strong performance, gaining 3% after the electric-vehicle maker reported record deliveries for the first quarter.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15268.75 will signal a resumption of the uptrend. A move through 12942.50 will change the main trend to down. This is highly unlikely but there is plenty of room for a normal 50% to 61.8% correction of its recent 10-day rally.

The minor trend is also up. A trade through 14725.00 will change the minor trend to down. This will shift momentum to the downside.

The main range is 16700.00 to 12942.50. The index is currently trading inside its retracement zone at 14821.25 to 15264.75. This zone is controlling the near-term direction of the index.

The minor range is 15268.75 to 14725.00. The index is currently trading on the strong side of its pivot at 14996.75, making it support.

The short-term range is 12942.50 to 15268.75. If the minor trend changes to down then look for the correction to possibly extend into its retracement zone at 14105.50 to 13831.00.

Daily Swing Chart Technical Forecast

The direction of the June E-mini NASDAQ-100 Index into the close on Monday will be determined by trader reaction to 14997.00.

Bullish Scenario

A sustained move over 14997.00 will indicate the presence of buyers. If this creates enough upside momentum then look for a surge into the resistance cluster at 15264.75 – 15268.75. Overtaking this area will indicate the buying is getting stronger. This could trigger an acceleration to the upside with 16007.50 the primary target.

Bearish Scenario

A sustained move under 14997.00 will signal the presence of sellers. The first target is 14821.25, followed closely by the minor bottom at 14725.00.

Taking out 14725.00 will shift momentum to the downside and could trigger the start of an acceleration into the short-term retracement zone at 14105.50 to 13831.00.