Nasdaq100 Futures Reach New Heights

The Nasdaq100 Futures (CME: NQ) have surged 11% year-to-date, establishing a fresh all-time high. This impressive rally is driven by growing expectations of a rate cut this year, spurred by a slight downtick in the inflation rate.  

The weaker labour market, reflected in higher-than-anticipated jobless claims in recent weeks, further supports these expectations. A rate cut by the Fed is often seen as a way to stimulate economic activity, and investors are betting on this possibility, driving the Nasdaq100 Futures to record highs. 

Adding to the positive sentiment, Nvidia’s stellar quarterly results and sales forecasts have significantly boosted market confidence. Traders are keenly watching today’s U.S. jobless claims and PMI data, which could provide crucial insights into the health of the U.S. economy. These data points are pivotal, as they might influence the future trajectory of the index futures. 


The Nasdaq100 Futures are trading in a robust uptrend, consistently exceeding the 100-day moving average. An ascending channel pattern further validates this upward trajectory, reflecting strong bullish momentum. Support recently materialized at the 18165.50 level, aligning with the channel’s lower boundary, which provided a solid base for the index futures. 

The subsequent rally propelled the index futures past the previous all-time high of 18707.50, a key resistance level. This breakout led to the formation of a new all-time high of 18970.50. Should the current upside momentum persist, the next point of interest could be the 19000 level, a significant psychological milestone just below the 23.60% Fibonacci Extension level. Conversely, if downside momentum resurfaces, traders will likely focus on the 100-day moving average as a critical support level.  


The Nasdaq100 Futures‘ 11% year-to-date surge, driven by rate cut expectations and Nvidia’s strong performance, highlights robust market sentiment. The uptrend remains solid, with support at 18165.50 and potential gains targeting 19000.  

Sources: Reuters, TradingView 

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst 

Disclaimer: Trive South Africa (Pty) Ltd (hereinafter referred to as “Trive SA”), with registration number 2005/011130/07, is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Trive SA is authorised and regulated by the South African Financial Sector Conduct Authority (FSCA) and holds FSP number 27231. Trive Financial Services Ltd (hereinafter referred to as “Trive MU”) holds an Investment Dealer (Full-Service Dealer, excluding Underwriting) Licence with licence number GB21026295 pursuant to section 29 of the Securities Act 2005, Rule 4 of the Securities Rules 2007, and the Financial Services Rules 2008. Trive MU is authorized and regulated by the Mauritius Financial Services Commission (FSC) and holds Global Business Licence number GB21026295 under Section 72(6) of the Financial Services Act. Trive SA and Trive MU are collectively known and referred to as “Trive Africa”.

Market and economic conditions are subject to sudden change which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. Trive Africa and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered. Please consider the risks involved before you trade or invest. All trades on the Trive Africa platform are subject to the legal terms and conditions to which you agree to be bound. Brand Logos are owned by the respective companies and not by Trive Africa. The use of a company’s brand logo does not represent an endorsement of Trive Africa by the company, nor an endorsement of the company by Trive Africa, nor does it necessarily imply any contractual relationship. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance. No services are offered to stateless persons, persons under the age of 18 years, persons and/or residents of sanctioned countries or any other jurisdiction where the distribution of leveraged instruments is prohibited, and citizens of any state or country where it may be against the law of that country to trade with a South African and/or Mauritius based company and/or where the services are not made available by Trive Africa to hold an account with us. In any case, above all, it is your responsibility to avoid contravening any legislation in the country from where you are at the time.

CFDs and other margin products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. See our full Risk Disclosure and Terms of Business for further details. Some or all of the services and products are not offered to citizens or residents of certain jurisdictions where international sanctions or local regulatory requirements restrict or prohibit them.