|

Nasdaq futures struggle to secure upper structure near key resistance

Daily and intraday structure remain unresolved as price rotates around key pivots

Nasdaq March Futures (NQH) | Asia, London & New York | December 31.

State of play

Nasdaq March futures remain rotational, trading between the daily central pivot and upper resistance, with no confirmed acceptance into the upper structure yet.

Market context

NQH daily structure showing the post–December 19 rotation above the 25,405 central pivot and into the upper range. Price stalled beneath the descending resistance band and micro 2 at 26,036, highlighting incomplete acceptance into the upper structure. Micro 1 at 25,794 remained the key support reference into the year-end close.

This update continues the desk work published on December 19 and December 27, using the same daily and intraday charts and reference levels mapped ahead of the move.
The objective remains unchanged: to document how price behaves around predefined structures as they develop, rather than to anticipate outcomes.

Daily structure

Daily chart: Nasdaq March futures rotate between the 25,405 central pivot and upper resistance at 25,794–26,036, keeping the broader structure balanced and unresolved

Since the last update on December 27, Nasdaq March futures have struggled to maintain acceptance above the micro 1 level at 25,794, despite briefly trading higher following the earlier reclaim of the 25,405 central pivot on December 19.

Multiple attempts to hold above micro 1 (25,794) and press into the micro 1–2 resistance band (25,794–26,036) have failed, reinforcing the importance of this zone and the descending resistance line first highlighted in the December 19 desk update.

Structurally, the market remains in transition, but the rotation into the upper structure has not been completed.

To secure and complete the rotation, price must hold and sustain acceptance above micro 2 at 26,036, which would bring micro 3–5 (26,231–26,703) into focus as the next upper references.

Failure to reclaim and hold micro 1 at 25,794 increases the likelihood of continued rotation back toward balance. A sustained move below the 25,405 central pivot would reopen the lower structure, with micro 1–5 (25,186–24,625) acting as the next downside reference zone.

Importantly, the daily structural framework itself remains unchanged, consistent with the prior desk updates.

Key daily references

  • 25,794 (Micro 1): First upper-structure acceptance level.
  • 26,036 (Micro 2): Critical rotation confirmation level.
  • 25,405 (Central Pivot): Balance point of the broader structure.
  • 25,186–24,625 (Lower Micro 1–5): Lower structure reference if acceptance fails.

The daily structure continues to suit higher-timeframe positioning and weekly swing context, while intraday participation is managed around acceptance and rejection at these same levels.


Intraday structure — 15 Minute

15-minute chart: Intraday rotation stalls below micro 1–2 (25,739–25,879) as price drifts back toward the 25,514 central pivot, keeping structure balanced and two-way

On the 15-minute chart, the recent attempt to rotate into the upper intraday structure has lost traction, following last week’s failure to sustain trade above micro 1–2 at 25,739–25,879.

After holding these levels during the prior advance, recent gains have been retraced, and price is now drifting back toward the intraday central pivot at 25,514, which remains the immediate decision point.

A hold above 25,514 would keep intraday structure aligned with the daily framework and preserve the potential for another attempt at higher levels. In that case, reclaiming micro 1–2 (25,739–25,879) would be required before any continuation toward the upper intraday references can be considered.

Failure to maintain acceptance above 25,514 would shift attention back to the lower intraday structure. Immediate downside references include:

  • 25,442.
  • 25,387.
  • 25,311.
  • 25,263.

Loss of stability through this zone would reopen the micro 5–4 region at 25,183–24,924, which previously served as a base for the upside rotation.

At present, intraday structure remains clearly two-way:

  • Reclaim micro 1–2 to resume the upper rotation toward micro 3–5 (25,992–26,265).
  • Fail at 25,514, and rotation shifts back toward established lower-structure support.

Intraday price behaviour continues to align closely with the daily structure, reinforcing a structure-led environment where acceptance and rejection define participation.

These desk updates document a structure-first process, observing how price accepts or rejects predefined levels over time. Coverage spans futures, commodities, forex, bonds, crypto, stocks, and indices, with structure providing context before direction.

Author

Denis Joeli Fatiaki

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

More from Denis Joeli Fatiaki
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD struggles below 1.1750 as 2025 draws to a close

EUR/USD struggles below 1.1750 in the European session on Wednesday, the final day of 2025. The pair is under pressure as the US Dollar edges higher despite Federal Open Market Committee (FOMC) Minutes of the December policy meeting, released on Tuesday, showing that most policymakers stressed the need for further interest rate cuts.

GBP/USD stays weak near 1.3450 amid renewed USD demand

GBP/USD remains under pressure near 1.3450 in European trading on Wednesday. The US Dollar finds fresh demand due to the end-of-the-year position adjustments, weighing on the pair amid the pre-New Year trading lull. 

Gold recovers losses above $4,300 amid the year-end grind

Gold price reverses a dip below $4,300 in the European trading hours on Wednesday, recovering intraday losses. The precious metal draws support from the prospect of further US interest rate cuts in 2026. Gold has surged about 65% this year and is set to record its biggest annual gains since 1979.

Bitcoin, Ethereum and XRP prepare for a potential New Year rebound

Bitcoin, Ethereum, and Ripple are holding steady on Wednesday after recording minor gains on the previous day. Technically, Bitcoin could extend gains within a triangle pattern while Ethereum and Ripple face critical overhead resistance. 

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).