E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Needs to Hold 12625.25 to Sustain Upside Bias

March E-mini NASDAQ-100 Index futures are edging higher shortly after the cash market close, putting the tech-based benchmark in a position to challenge last week’s record high at 12789.75. Despite the late session strength, the buying has been a bit tentative as investors continued to assess the impact of a new variant of COVID-19 on the U.S. economic recovery.

At 21:06 GMT, March E-mini NASDAQ-100 Index futures are trading 12709.75, up 26.25 or +0.21%.

In stock related news, Apple gained about 3% on news of the company’s plans to roll out an electric passenger vehicle by 2024. Tesla stock fell for a second day, losing 2.4% as investors continue to book profits after the tech giant was added to the S&P 500 Index.

Peloton Interactive Inc jumped 10.7% as brokers hiked their price targets on the stock on the heels of the company’s announcement that it would buy peer Precor in a deal worth $420 million.

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 was tested successfully early Tuesday.

The short-term range is 12217.00 to 12789.75. Its retracement zone at 12503.25 to 12435.75 is support. It’s also controlling the near-term direction of the index. Monday’s low at 12461.00 occurred inside this zone.

Daily Swing Chart Technical Forecast

Look for an upside bias into the close as long as 12625.25 holds as support. This could create the momentum needed to challenge 12789.75.

A failure to hold 12625.25 could trigger a late session break into 12503.25 to 12435.75.