E-mini S&P 500 Index Up

E-mini S&P 500 Index (ES) Futures Technical Analysis – New Minor Bottom Formed at 3768.00

March E-mini S&P 500 Index futures are edging higher late in the session on Wednesday as they await a speech from Federal Reserve Chair Jerome Powell on Thursday and ahead of Friday’s start of earnings season. Investors didn’t seem too concerned about the start of impeachment proceedings against President Donald Trump since he’ll be out of office next Wednesday anyway. They’re main focus is likely on the size of the stimulus package promised by President-elect Joe Biden.

At 20:24 GMT, March E-mini S&P 500 Index futures are trading 3804.25, up 9.75 or +0.26%.

Daily March 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 3817.75 will signal a resumption of the uptrend. The main trend changes to down on a move through 3596.00.

The minor trend is also up. A trade through 3768.00 will change the minor trend to down, shifting momentum to the downside.

The minor range is 3817.75 to 3768.00. Its 50% level at 3792.75 is new support.

The second minor range is 3652.50 to 3817.75. Its 50% level at 3735.00 is additional support. A third minor support level comes in at 3706.75.

Short-term Outlook

A close over the pivot at 3792.75 will put the March E-mini S&P 500 Index in a position to challenge the record high at 3817.75. Taking out this level could trigger an acceleration to the upside.

On the downside, a trade through 3768.00 will shift momentum to the downside, but it won’t change the main trend to down. It will be a sign that investors are more interested in buying value then chasing prices higher.

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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.