E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Trading on Strong Side of 15087.75 Minor Pivot

September E-mini NASDAQ-100 Index futures are trading higher late in the session on Monday as money continued to flow into the tech sector in reaction to Friday’s robust U.S. Non-Farm Payrolls report. Investors also shied away from the S&P 500 and Dow as energy stocks tumbled on the back of a more than 4% drop in crude prices. Essentially demand for commodity related shares were down, while demand for technology stocks rose.

At 18:22 GMT, September E-mini NASDAQ-100 Index futures are trading 15123.50, up 28.00 or +0.19%.

In stock related news, Moderna Inc hit a record high on Monday after the company said its COVID-19 vaccine has been granted a provisional authorization in Australia to adults who are at least 18 years old. Australia has purchased 10 million doses of Moderna’s vaccine for 2021 and has the option to purchase an additional 15 million does in 2022. Moderna said it expects to begin delivering does of the vaccine in September. Moderna’s stock has soared 333.9% so far this year.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 15172.50 will signal a resumption of the uptrend. A trade through 14445.00 will change the main trend to down. A trade through 15172.50 will make 15003.25 a new minor bottom.

The minor trend is also up. The current minor bottom is 14774.25. A trade through this level will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 15172.50 to 15003.25. The index is currently trading on the strong side of its pivot at 15087.75.

The second minor range is 14774.25 to 15172.50. Its 50% level at 14973.25 is potential support.

The short-term range is 14445.00 to 15172.50. Its 50% level at 14808.75 is another potential support level.

Daily Swing Chart Technical Forecast

The direction of the September E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to 15087.75.

Bullish Scenario

A sustained move over 15087.75 will indicate the presence of buyers. If this move creates enough upside momentum then look for buyers to make a run at 15172.50. Taking out this level could trigger an acceleration to the upside. It will also make 15003.25 a new main bottom.

Bearish Scenario

A sustained move under 15087.75 will signal the presence of sellers. This could trigger a break into 15003.25, followed by 14973.25.

Look for an acceleration to the downside if 14973.25 fails as support. This could trigger a steep break into 14808.75, followed by 14774.25.