E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – 3387.25 Upside Target, 3308.75 Downside Target

September E-mini S&P 500 Index futures are called higher on Monday based on the pre-market trade. The catalyst behind the strength is speculation that President Donald Trump could be discharged from the hospital where he is being treated for COVID-19, while signs of progress with a new fiscal stimulus bill also lifted sentiment.

At 12:56 GMT, September E-mini S&P 500 Index futures are trading 3361.25, up 21.75 or +0.64%.

Daily December E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 3419.50 will change the main trend to up. A move through 3198.00 will signal a resumption of the downtrend.

The minor trend is up. A trade through 3388.00 will signal a resumption of the uptrend. The minor trend will change to down on a move through 3291.25. This will shift momentum to the downside.

The short-term range is 3576.25 to 3198.00. Its retracement zone at 3387.25 to 3431.75 is the primary upside target. Trader reaction to this zone will determine the near-term direction of the index.

A pair of minor 50% levels at 3308.75 and 3293.00 is support.

The main support is the retracement zone at 3246.25 to 3168.50.

Daily Swing Chart Technical Forecast

The market is trading in between a pair of 50% levels at 3308.75 and 3387.25. So momentum is going to determine the direction of the index after the cash market opening.

If momentum is to the upside then look for a drive into 3387.25 to 3388.00. Overtaking the latter could create the upside momentum needed to challenge the main top at 3419.50 and the Fibonacci level at 3431.75.

If momentum shifts to the downside then look for a drive into 3308.75 and 3293.00. If the minor bottom at 3291.25 fails as support then look for a possible acceleration into the main 50% level at 3246.25.

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Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.