E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Strengthens Over 12946.25, Weakens Under 12808.00

March E-mini NASDAQ-100 Index futures are trading nearly flat shortly before the cash market close on Tuesday after clawing back earlier losses. Despite the comeback, the price action is being muted ahead of the start of earnings season later this week.

At 20:26 GMT, March E-mini NASDAQ-100 Index futures are trading 12883.50, down 13.50 or -0.10%.

In stock related news, shares of Tesla Inc were up more than 5% as a regulatory filing showed the electric-car maker moved a step closer to its launch in India later this year by registering a company in the country.

The communications services sector was the biggest percentage decliner of the S&P 500’s 11 major industry indexes as investors were worried that big social media companies such as NASDAQ constituents Twitter Inc and Facebook Inc could come under increased regulatory scrutiny.

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 the latest swing bottom at 12491.25.

Support comes in at 12808.00 and 12671.00. Resistance is a 50% level at 12946.25.

Daily Swing Chart Technical Forecast

The index is currently trading between a pair of 50% levels at 12808.00 and 12946.00, suggesting investor indecision and impending volatility.

An upside bias could develop into the close on a move over 12966.25. If this generates enough upside momentum then look for the move to extend into the record high at 13125.00.

A break under 12808.00 will be a sign of weakness, but the trigger point for a potential acceleration to the downside is the pivot at 12671.00. This level is the last potential support before the 12491.25 and 12461.00 main bottoms.

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