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E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Amazon Beat Triggers Late Session Surge

James Hyerczyk

March E-mini NASDAQ-100 Index futures are trading higher as we approach the cash market close. The index has clawed back all of its earlier losses as investors assess the latest news on the deadly coronavirus. Shortly after the opening, the technology index was down as much as 0.2%.

Helping to weigh on the index was Facebook stock, which fell as much as 8% Thursday after it reported fourth-quarter earnings Wednesday evening. The decline erased more than $50 billion from the social media giant’s market cap. The decline comes after Facebook reported a 51% rise in expenses compared with its total in 2018.

At 21:09 GMT, March E-mini NASDAQ-100 Index futures are trading 9212.50, up 114.00 or 1.25%.

The futures market is surging late in the session after Amazon reported better-than-expected fourth-quarter results after the cash market close on Thursday.

Shares of Amazon climbed as much as 10.3% in after-hours trading on Thursday after smashing earnings expectations for the fourth quarter.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 9287.25 will signal a resumption of the uptrend. A trade through 8925.50 will change the main trend to down.

The minor trend is also up. It turned up late Thursday when buyers took out the minor swing top at 9158.75. The new minor bottom is 9003.50.

The short-term range is 9287.25 to 8925.50. Its retracement zone at 9149.00 to 9106.25 is new support.

The intermediate range is 8678.00 to 9287.25. Its retracement zone at 8982.50 to 8910.75 is also support. It stopped the selling at 8925.50 on Monday.

The major support zone is 8738.25 to 8608.75.

Short-Term Outlook

Overtaking the short-term retracement zone at 9149.00 and 9106.25 put the index in a strong position late Thursday. This area is new support.

The minor trend also changed to up when buyers took out 9158.75. This shifted momentum to the upside.

The first resistance angle drops in at 9223.25. The second resistance angle comes in at 9255.25. This is the last potential resistance angle before the 9287.25 main top.

A break under 9106.25 will be a sign of weakness. This could trigger a plunge into the next support angle at 9021.50.

This article was originally posted on FX Empire

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