E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – Nearest Support Zone Moves Up to 4320.25 – 4297.50

September E-mini S&P 500 Index futures inched to another record close on Monday in a mostly lackluster trader. Although the index looked weak early in the session, it was able to recover into the close on the back of optimistic investors heading into a slew of earnings this week. The price action, however, reflected general caution ahead of a Federal Reserve policy meeting.

On Monday, September E-mini S&P 500 Index futures settled at 4415.00, up 12.00 or +0.27%.

More than one-third of the S&P 500 was set to report quarterly results this week, including Apple Inc, Microsoft Corp, Amazon.com Inc and Google-parent Alphabet Inc, the four largest U.S. companies by market value. Apple rose 0.3%.

Shares of Tesla Inc, which reported quarterly results after the market close, were up about 1% in after-hours trading. The stock ended the regular session up 2.2%.

Daily September E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 4416.75 early Tuesday will signal a resumption of the uptrend. The main trend will change to down on a trade through 4224.00.

The minor range is 4224.00 to 4416.75. Its retracement zone at 4320.25 to 4297.50 is the nearest support zone.

Daily Swing Chart Technical Forecast

The direction of the September E-mini S&P 500 Index early Tuesday is likely to be determined by trader reaction to 4415.00.

Bullish Scenario

A sustained move over 4415.00 will indicate the presence of buyers. Taking out 4415.75 will indicate the buying is getting stronger. This could trigger an acceleration to the upside since there is not resistance and if the buying volume is strong enough.

Bearish Scenario

A sustained move under 4415.00 will signal the presence of sellers. Taking out 4375.50 will make 4415.75 a new minor top. If this move is able to generate enough downside momentum then look for the selling to possibly extend into the minor retracement zone at 4320.25 to 4297.50.

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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.