E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 3019.00, Weakens Under 3006.75

December E-mini S&P 500 Index futures are called higher based on the pre-market trade. The market is being underpinned by a combination of an accommodative Fed and an easing of trade tensions between the United States and China. The index is also within striking distance of its all-time high. In other news, U.S. Retail Sales increased a seasonally adjusted 0.4% in August from a month earlier, the Commerce Department said earlier today. Traders were looking for a 0.2% increase.

At 12:58 GMT, December E-mini S&P 500 Index futures are trading 3019.00, up 5.25 or +0.17%.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was confirmed earlier in the session when buyers took out yesterday’s high. The next upside target is the July 26 main top at 3032.25.

The main trend will change to down on a trade through 2958.75.

The index is up 13 days since this bottom, which puts it in the window of time for a potentially bearish closing price reversal top. A close below 3013.75 will form the closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 day correction. This is the key number to watch today.

The short-term range is 2958.75 to 3025.75. Its 50% level or pivot at 2992.25 is support.

The main range is 2811.00 to 3025.75. Its retracement zone at 2918.25 to 2893.00 is the major support.

Daily Technical Forecast

Based on the early price action and the current price at 3019.00, the direction of the December E-mini S&P 500 Index the rest of the session on Friday is likely to be determined by trader reaction to the uptrending Gann angle at 3019.00.

Bullish Scenario

A sustained move over 3019.00 will indicate the presence of buyers. Taking out today’s intraday high at 3025.75 could trigger a rally into 3032.25. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 3019.00 will signal the presence of sellers. The next target angle comes in at 3006.75. If this angle fails then look for an acceleration to the downside with the next target the short-term pivot at 2992.25, followed closely by the uptrending Gann angle at 2982.75.

This article was originally posted on FX Empire

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