James Hyerczyk
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NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading lower late in the session on Monday as investors booked profits after a surge to record highs last week. Some traders blamed the weakness on position-squaring ahead of earnings season, while other expressed concerns that the events in Washington may delay future stimulus efforts.

At 21:20 GMT, March E-mini NASDAQ-100 Index futures are trading 12914.75, down 182.50 or -1.39%.

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In stock related news, shares of micro-blogging site Twitter Inc tumbled after it permanently suspended Trump’s account. Other Big Tech firms Facebook Inc, Alphabet Inc-owned Google and Apple Inc were also weak on Monday as they took their strongest actions yet against Trump to limit his social media reach.

Daily March E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 13125.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 12491.25.

The minor trend is also up, but a new minor top was formed at 13125.00.

The minor range is 12491.25 to 13125.00. Its 50% level at 12808.00 is the first support target.

The short-term range is 12217.00 to 13125.00. Its 50% level at 12671.00 is another downside target.

The main range is 10936.25 to 13125.00. If the main trend changes to down then its retracement zone at 12030.50 to 11772.25 will become the primary target zone.


Daily Swing Chart Technical Forecast

A trade through 13125.00 will indicate the presence of buyers. This could trigger an acceleration to the upside, but it also opens up the possibility of a closing price reversal top.

If the selling pressure continues on Tuesday then look for an extension of the weakness into 12808.00. Since the main trend is up according to the daily swing chart, look for buyers on the first test of this level.

If 12808.00 fails as support then look for the move to extend into 12671.00. A test of this level could also bring in the buyers. This is the last potential support before the 12491.25 and 12461.00 main bottoms.

For a look at all of today’s economic events, check out our economic calendar.
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