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James Hyerczyk
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading higher shortly after the cash market close as investors shrugged off early session jitter and shifted their focus back to their bullish outlook for the rest of the year.  The market is being supported by hopes for a strong earnings season and more fiscal stimulus from the U.S. Government. The main headwind is impact of the coronavirus on economic growth.

At 21:13 GMT, March E-mini NASDAQ-100 Index futures are trading 12979.00, up 88.75 or +0.69%.

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In stock related news, shares of Intel rose on Wednesday after the company said it would replace Chief Executive Officer Bob Swan with VMWare Inc CEO Pat Gelsinger, who started his career at Intel, to help the company navigate its way out of a manufacturing crisis.

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, while a move through 12491.25 will change the main trend to down.

The minor trend is also up. The minor trend will change to down on a trade through 12767.25.

The first minor range is 13125.00 to 12767.25. The index is currently poised to close over its pivot at 12946.00.

The second minor range is 12491.25 to 13125.00. Its 50% level at 12808.00 provided support on Tuesday.

The short-term range is 12217.00 to 13125.00. Its 50% level at 12671.00 is additional support. We could see an acceleration to the downside if this level is taken out with conviction.


Short-Term Outlook

A close over 12946.00 will put the March E-mini NASDAQ Index in a strong position to challenge the all-time high at 13125.00 during Thursday’s pre-market session or shortly after tomorrow’s cash market opening.

Holding above 12946.00 will indicate the presence of buyers, while a move under 12808.00 will signal the return of sellers.

The major level to watch is 12671.00. This is the last support before a pair of main bottoms at 12491.25 and 12461.00. It’s also the trigger point for the start of an acceleration to the downside.

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

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