ELITE Tape | NASDAQ-100 Futures: Rally Monday Cost the Most

The Nasdaq Composite closed at a record high on Monday, September 21, and that same session cost ELITE accounts trading NASDAQ-100 futures and everything else more than twice the combined losses of every other red day this week.

ETF is a futures prop firm for traders who want uncapped LIVE ELITE rewards, and this week is a clean lesson for anyone sizing up a hot market: one session can outweigh four careful ones. Monday was also the week's busiest day, and Thursday, the flattest day for the real market, was the only session that finished green.

Key Takeaways

• Monday, the day the Nasdaq Composite closed at a record, was the heaviest loss of the week for ELITE accounts, more than twice the combined losses of every other red day.
• Thursday, the real market's flattest session, was the only day ELITE accounts finished green.
• The NASDAQ-100 futures pair carried most of the volume, and the micro contract (MNQ) led the loss column.
• Only six instruments finished profitable, led by Micro Gold, while full-size Gold landed third in losses.
• For a trader, the lesson is size: one oversized session can outweigh four careful ones, which is exactly what drawdown limits are for.

Below: what ELITE accounts traded, where the thin profit column came from, where the losses piled up, and how the week played out day by day against the real market.

Micro E-mini NASDAQ-100 (MNQ) led every instrument in trading volume by a wide margin, nearly three times the activity of the next instrument, E-Mini NASDAQ-100 (NQ), in second. Micro Gold (MGC) held third, followed by Micro E-mini S&P 500 (MES), E-Mini S&P 500 (ES), and Gold (GC). E-Mini Dow (YM), Micro E-mini Russell 2000 (M2K), Micro Crude Oil (MCL), and Micro E-mini Dow (MYM) closed out the top 10 most traded instruments.

The NASDAQ-100 pair carried the clear majority of ELITE activity again. Both contracts track the same index at different sizes, and Nasdaq's own Nasdaq-100 index page explains how that index is built. For the full list of instruments ELITE accounts can trade, see ETF's What Instruments Can I Trade guide, and for ticker symbols across contract families, the Forex and Futures Symbol Guide.

Only six instruments closed the week in profit, and every one of them by a small margin. Micro Gold (MGC) led the list, ahead of Euro FX (6E) in second and Copper (HG) in third. Canadian Dollar (6C), Micro E-mini Russell 2000 (M2K), and Heating Oil (HO) completed it.

The split inside the metals complex is the detail worth noticing. Micro Gold topped the profit list while its full-size sibling, Gold (GC), finished third in the loss column. Nothing from the NASDAQ, S&P, or Dow complex, full-size or micro, made the profit list; the Russell 2000's micro contract was the only index future that did.

Micro E-mini NASDAQ-100 (MNQ) led every instrument in losses this week, more than double the next-closest, E-Mini NASDAQ-100 (NQ), in second. Gold (GC) held third, followed by E-Mini Dow (YM), Micro E-mini S&P 500 (MES), and E-Mini S&P 500 (ES). Crude Oil (CL), Natural Gas (NG), Micro Crude Oil (MCL), and Silver (SI) rounded out the top 10 loss instruments.

The busiest instrument on the board was also its heaviest drag, and it did most of that damage in a single session. A week shaped like this is exactly what drawdown limits are built for, and ETF's Risk of Ruin Calculator shows how the odds of blowing through one change with the size of each loss.

Want a risk limit that works for you on days like Monday? Browse available evaluations and pick the account size and drawdown style that fit how you trade.

Monday did most of the week's damage on its own, and the rest of the week never made it back.

• Mon 9/21: Relative volume highest of the week - Net Loss (Heaviest)
• Tue 9/22: Relative volume middle of the week - Net Loss (2nd Heaviest)
• Wed 9/23: Relative volume 2nd highest of the week - Net Loss (Lightest of the Four)
• Thu 9/24: Relative volume 2nd lowest of the week - Net Profit
• Fri 9/25: Relative volume lowest of the week - Net Loss (3rd Heaviest)

Public market reporting shows Monday was the real market's strongest session of the week: the Nasdaq Composite rose more than 2% to its first record close since June, and the S&P 500 had its best day since early August, led by chip and AI stocks. The Nasdaq Composite set another record on Tuesday while the Dow slipped. Wednesday, all three major averages fell as the 10-year Treasury yield climbed to its highest level since 2007. Thursday was close to flat, with stocks recovering from early losses on hopes of a deal to reopen the Strait of Hormuz. Friday, the Dow, S&P 500, and Nasdaq all rose, closing out a winning week for all three. ELITE accounts took their heaviest loss on the market's best day and their only gain on its quietest. None of this is presented as a cause of ELITE accounts' results, only as verified market context for the same calendar days.

Monday carried the week's heaviest trading volume among ELITE accounts by a clear margin, and it was also the week's heaviest loss. No other session came close to Monday's activity, and Friday was the lightest of the week. The busiest day and the costliest day were the same day, which is the pattern most worth a trader's attention: the sessions that feel most active are the ones where position size matters most.

Streaks and frequency data we're watching:

• NQ (E-Mini NASDAQ-100): still on the loss side of the top-10 list, where it has appeared in every week of this data set.
• MNQ (Micro E-mini NASDAQ-100): the #1 volume instrument again, and a top-10 loss instrument for a 9th straight week.
• Micro Gold (MGC): broke an 11-week run in the loss column by finishing first in profit.
• E-Mini S&P 500 (ES): a top-10 loss instrument for a 9th straight week.
• E-Mini Dow (YM): a top-10 loss instrument for a 5th straight week, and Crude Oil (CL) for a 4th.
• Copper (HG): a top-10 profit performer for a 4th straight week, with Euro FX (6E) on a 3-week run of its own.

The next rally day is coming, and the traders who come through it best are the ones who set their risk before the open. Start with an evaluation sized to how you trade, or skip the evaluation step entirely with a Direct to Funded account.

ELITE accounts are sim-funded. The trading activity in these recaps reflects position P/L in sim accounts, not LIVE ELITE rewards. Traders reach an Elite Sim-Funded account either by passing an evaluation or by purchasing Direct to Funded (DTF), which skips the evaluation step, and those who do well may progress to LIVE ELITE, where rewards use real capital and there is no cap.

Related Articles

• NQ Futures: Not One Green Day, Even as the Fed Hiked (last week, when not a single session closed green)
• Gold Futures: NQ Wasn't the Biggest Loser (the week Gold took the top loss spot)
• How Prop Firm Payouts Work: Sim vs Live vs Guaranteed (how rewards work at each stage)

ETF is a futures prop firm for traders who want uncapped LIVE ELITE rewards, built on evaluation paths and account options for every stage of that journey, whether you trade NASDAQ-100 futures or any other supported contract. Evaluations are available for every account size, and a Direct to Funded account skips the evaluation step entirely. Real trader results, community feedback, and program details are available through ETF's testimonials, Elite Points program, affiliate program, and trading competitions.

Accuracy note: Figures in this recap are aggregated position P/L across ELITE accounts for September 21-25, 2026, shown as relative indexes and directions. They are not any individual trader's results.

Risk Disclosure: ELITE accounts operate in a simulated trading environment. Futures trading involves substantial risk of loss, and past performance of simulated accounts is not indicative of future results.

Pricing and Product Disclaimer: Pricing, promotions, and product details referenced in this article reflect information available at the time of publication and may have changed. Visit the evaluations page for current pricing.