NASDAQ-100 Reaction to 14811.50 – 14917.25 Sets the Tone

March E-mini NASDAQ-100 Index futures are trading higher late in the session on Tuesday after a slow start.

The tech-driven index was weighed down early in the day on another slump in Facebook owner Meta’s shares and the collapse of Nvidia’s mega deal to buy the firm that designs chips for the likes of Apple.

At 18:53 GMT, March E-mini NASDAQ-100 Index futures are trading 14654.75, up 95.00 or +0.65%. The Invesco QQQ Trust Series 1 ETF (QQQ) is at $359.02, up $3.89 or +1.09%.

Helping to boost the market were Peloton shares, which rose 18% after the interactive fitness company said it will slash 2,800 jobs in a restructuring effort that will see CEO John Foley step down and transition to executive chair.

The company will report earnings Tuesday after the market closes and during what’s been a turbulent time for the company. The stock surged 20.9% on Monday following reports the company could be a takeover target.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher.

A trade through 15260.00 will change the main trend to up. A move through 13706.00 will signal a resumption of the downtrend.

The minor trend is up. This is controlling the momentum. A trade through 13841.00 will change the minor trend to down.

On the downside, the support is a major 50% level at 14515.75, a minor Fibonacci level at 14299.50 and a major 50% level at 13984.25.

On the upside, the minor range is 15260.00 to 14362.75. Its retracement zone at 14811.50 to 14917.25 is potential resistance.

The short-term range is 16659.50 to 13706.00. Its retracement zone at 15182.75 to 15531.25 is resistance. This area stopped the buying at 15260 on February 2.

Short-Term Outlook

The minor retracement zone at 14811.50 to 14917.25 is controlling the direction of the index this week.

A sustained move under 14917.25 will indicate the presence of sellers. This could lead to a labored break with potential downside targets coming in at 14515.75, 14299.50 and 13984.25.

Look for an upside bias to begin on a sustained move over 14917.25. This could trigger an acceleration into 15182.75. Taking out 15260.00 will change the main trend to up. This could extend the rally into 15531.25.