E-mini NASDAQ-100 Sellers Eyeing 15906.00 – 16084.00

March E-mini NASDAQ-100 Index futures are trading higher for a second session late Tuesday after ending its four-day losing streak the previous day.

Large tech stocks helped support the broader market, with Amazon rising more than 2% and shares of Apple and Nvidia raining roughly 1.5% each.

At 10:27 GMT, March E-mini NASDAQ-100 Index futures are at 15812.75, up 204.75 or +1.31%. The Invesco QQQ Trust Series 1 (QQQ) is trading $385.51, up $5.40 or +1.42%.

Other notable gainers included Illumina, which rose 14% after the genomic sequencing company issued a 2022 revenue outlook that was ahead of consensus.

In other news, technology stocks were supported during Federal Reserve Chairman Jerome Powell’s testimony before Congress as he did not announce an accelerated change in policy from what the central bank had already signaled.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher following the confirmation of Monday’s potentially bullish closing price reversal top.

A trade through 15152.50 will negate the closing price reversal top and signal a resumption of the downtrend. Taking out 16564.00 will change the main trend to up. A move through 16659.50 will reaffirm the uptrend.

The main range is 14366.75 to 16768.00. The index is currently trading on the strong side of its retracement zone at 15567.25 to 15284.00, making it support.

The short-term range is 16659.50 to 15152.50. Its retracement zone at 15906.00 to 16084.00.

Short-Term Outlook

Trader reaction to 15906.00 to 16084.00 will determine the short-term direction of the March E-mini NASDAQ-100 Index.

Since the main trend is down, sellers are likely to come in on the first test of 15906.00 to 16084.00. They are going to try to form a potentially bearish secondary lower top.

Overtaking the minor Fibonacci level at 16084.00 will indicate the counter-trend buying is getting stronger. If this move creates enough upside momentum then look for a possibly surge into 16564.00 to 16659.50.