E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Current Momentum Set Up for Strong Close

March E-mini NASDAQ-100 Index futures are trading higher on Thursday on low pre-holiday volume. We could be looking at the range for the day because of the holiday-shortened session.

The price action suggests investors are shrugging off the news that China is investigating Alibaba for antitrust violations. Overnight, the stock lost about 8% after Chinese regulators launched an investigation into the e-commerce major as part of an accelerating crackdown on anticompetitive behavior.

At 15:13 GMT, March E-mini NASDAQ-100 Index futures are at 12703.75, up 52.50 or +0.41%.

The weakness in Alibaba shares also carried over to its subsidies and affiliates, but surprisingly failed to rattle U.S. investors.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 12789.75 will signal a resumption of the uptrend. The main trend will change to down on a move through 12217.00.

The minor range is 12789.75 to 12461.00. Its 50% level at 12625.25 is support. This level has underpinned the market for three straight sessions.

The short-term range is 12217.00 to 12789.75. Its retracement zone at 12503.25 to 12435.75 is support. This zone stopped the selling on Monday at 12461.00.

Daily Swing Chart Technical Forecast

The direction of the March E-mini NASDAQ-100 Index into the close on Thursday is likely to be determined by trader reaction to 12625.25.

Look for an upside bias on a sustained move over 12625.25. This could set up a strong start to trading on Monday.

A downside bias will develop on a move under this level with support the price cluster at 12503.25, 12461.00 and 12435.75.