NASDAQ-100 Bulls Looking to Trigger Breakout Over 15264.75

June E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening. Optimism for a Russia-Ukraine ceasefire appeared to help investor sentiment on Tuesday morning.

Traders are reacting positively to reports that Russia promised at the peace talks to drastically scale down its military operations around Kyiv and the northern Ukrainian city of Chernihiv, while Ukraine proposed neutral status with international guarantees to protect it from attack.

At 12:46 GMT, June E-mini NASDAQ-100 Index futures are at 15138.25, up 153.00 or +1.02%. On Monday, the Invesco QQQ Trust Series 1 ETF (QQQ) settled at $364.99, up $5.64 or +1.57%.

Ukrainian negotiators said they had proposed a status under which their country would not join alliances or host bases of foreign troops, but would have its security guaranteed in terms similar to “Article 5”, the collective defense clause of NATO.

Investors are hoping to feed off of Monday’s strong gains that were led by Tesla. Shares of the electric-car maker jumped 8.03% and was the biggest boost to the NASDAQ after saying it will seek investor approval to increase its number of shares to enable a stock split.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the next main top at 15261.25 will reaffirm the uptrend. A trade through 12942.50 will change the main trend to down.

The main range is 16700.00 to 12942.50. The index is currently trading inside its retracement zone at 14821.25 to 15264.75, and threatening to breakout to the upside.

The short-term range is 15261.25 to 12942.50. Its retracement zone at 14375.50 to 14101.75 is potential support.

Daily Swing Chart Technical Forecast

The strong momentum early in the session has put the June E-mini NASDAQ-100 in a position to breakout to the upside. The direction of the index will be determined by trader reaction to 15261.25 and 15264.75.

Bullish Scenario

A sustained move over 15264.75 will indicate the presence of buyers. If they can generate enough upside momentum then look for a possible acceleration to the upside with the main top at 16007.50 the next major target.

Bearish Scenario

A sustained move under 15261.25 will be a sign of weakness. This could trigger a break into the 50% level at 14821.25. This is a potential trigger point for an acceleration to the downside with the next target area 14375.50 to 14101.75.