E-mini NASDAQ-100 Strong Over 14143.00, Weak Under 13984.00

March E-mini NASDAQ-100 Index futures are trading higher shortly before the cash market opening on Wednesday as investors continue to assess the impact of the intensifying conflict between Russia and Ukraine on the economy and corporate earnings.

Investors remained on edge as reports Wednesday indicated that Russian forces penetrated Kherson and have surrounded Mariupol, two key cities in the southern part of the country.

At 14:21 GMT, March E-mini NASDAQ-100 Index futures are at 14058.50, up 53.00 or +0.38%. On Tuesday, the Invesco QQQ Trust Series 1 ETF (QQQ) settled at $341.54, down $5.26 or -1.52%.

Investors are also digesting the State of the Union speech from President Joe Biden, who offered little in the way of new policy details while urging support for Ukraine and reiterating many of the goals for his domestic agenda.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since February 24.

A trade through 13025.75 will signal a resumption of the downtrend. A move through 14668.50 will change the main trend to up.

The minor trend is up. This is controlling the momentum. A trade through 13683.00 will change the minor trend to down.

The main range is 12263.50 to 16768.00. The index is currently trading inside its retracement zone at 13984.25 to 14515.75. Inside this zone is short-term retracement zone at 14143.00 to 14406.50.

On the downside, additional support is a pivot at 13676.75.

Daily Swing Chart Technical Forecast

The direction of the March E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to 13984.25 to 14143.00.

Bearish Scenario

A sustained move under 13984.50 will indicate the presence of sellers. This could trigger a sharp break into 13676.75. This level is a potential trigger point for an acceleration to the downside with 13025.75 to 12968.00 the next major target.

Bullish Scenario

A sustained move over 14143.00 will signal the presence of buyers. This could trigger an acceleration to the upside into a resistance cluster at 14327.75, 14406.50 and 14515.75.

The 50% level at 14515.75 is the last resistance before the 14668.50 main top. Taking out this level will change the main trend to up.