Nasdaq futures test upper structure as price negotiates key pivots

Daily and intraday price action centres on acceptance near upper reference levels

Nasdaq Futures (NQH) — Daily and intraday structure desk update

London & New York | December 22

Market context

Nasdaq futures enter the week operating within the same two-way structural framework outlined in the prior desk updates. While price has reclaimed the upper half of the daily structure, acceptance remains incomplete, placing increased emphasis on how the market behaves around key upper reference levels rather than on directional follow-through.

Both daily and intraday timeframes now interact with clearly defined decision zones, reinforcing a structure-led environment in which acceptance and rejection dictate rotation.

Daily structure

On Friday, Nasdaq futures closed above the 25,405 central pivot, confirming acceptance back into the upper half of the daily structure and validating the rotation framework established in the previous desk update.

The new week opened with a gap higher, but upside progress stalled at Micro-1 (25,794), where price failed to establish sustained acceptance. As the London session approaches, price is now trading below the prior session close, returning Micro-1 to focus as a decision level rather than a cleared reference.

From a structural perspective:

• Sustained acceptance above 25,794 would be required to re-engage the upper daily structure, opening scope toward Micro-2 (26,036), with higher references between 26,231 and 26,703 acting as subsequent checkpoints.
• Failure to reclaim and hold above 25,794 keeps the advance incomplete and increases the likelihood of a rotation back toward the 25,405 central pivot, which continues to define balance within the broader daily framework.

Importantly, the daily structure remains unchanged. Price is negotiating the location within the framework rather than breaking it.

Intraday structure (15-minute)

On the 15-minute timeframe, the rotation into the upper intraday structure following last week’s rebound stalled at Micro-1 (25,739) after price successfully breached the 25,514 central pivot during the prior session.

As the London session begins, price has rotated away from Micro-1, placing renewed emphasis on the 25,514 pivot as the primary intraday decision level rather than a confirmed breakout.

From an intraday structural perspective:

• Sustained acceptance above 25,739 would re-engage the upper intraday structure, opening scope toward Micro-2 through Micro-5, with the 25,879–26,265 zone acting as the next reference area.
• Failure to maintain acceptance above 25,514 would shift focus back toward the lower intraday structure, with 25,184 and 24,924 serving as the first downside reference points.

Intraday price behaviour continues to respect predefined structural levels closely, reinforcing a two-way environment where acceptance and rejection — not momentum — define opportunity.

Key levels in focus

Daily

• 25,405: Central pivot/balance point.
• 25,794: Micro-1 / upper structure decision level.
• 26,036: Micro-2 / upper daily reference.
• 26,231–26,703: Upper daily structure zone.

Intraday

• 25,514: Central intraday pivot.
• 25,739: Intraday Micro-1 / rejection zone.
• 25,184 – 24,924: Lower intraday structure references.
• 25,879 – 26,265: Upper intraday structure zone.

Desk takeaway

Both daily and intraday structures remain intact, with price currently negotiating acceptance near the upper boundaries of the framework rather than committing to expansion.

Until sustained acceptance is established above the upper micro levels, the market remains structurally balanced, with central pivots acting as the primary reference points guiding near-term rotation.

Structure defines the battlefield. Price behaviour confirms it.

Levels exist before price reaches them — this desk documents response, not reaction.pivot/balance.