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James Hyerczyk

June E-mini S&P 500 Index futures are set to finish lower on Friday, but still managed to post strong weekly gains on the back of unprecedented monetary stimulus moves from the U.S. Federal Reserve and a $2 trillion fiscal stimulus package from the U.S. government. Investors decided to book some profits ahead of the weekend as the rapidly spreading coronavirus drove the U.S. to become the country with the most confirmed cases.

At 20:15 GMT, June E-mini S&P 500 Index futures are trading 2524.25, down 83.75 or -3.21%.

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Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 2174.00 will signal a resumption of the downtrend. The main trend will actually change to up on a trade through 3131.00, however, buyers are going to have to overcome a short-term retracement zone first.

The minor trend is up. It changed to up when buyers took out 2499.00. This move shifted momentum to the upside.

The short-term range is 3131.00 to 2174.00. Its retracement zone at 2652.50 to 2765.50 is the primary upside target. This week’s rally stopped short of its 50% level at 2652.50.

The minor range is 2174.00 to 2634.50. Its retracement zone at 2404.25 to 2350.00 is the first downside target.


Short-Term Outlook

Friday’s price action indicates that trader reaction to a pair of downtrending Gann angles at 2555.00 to 2565.75 will determine the near-term direction of the index.

Closing below 2555.00 on Friday indicates the presence of sellers. This could lead to an extension of the selling pressure into 2404.25 to 2350.00 on Monday.

Going forward, we’re going to be watching trader reaction to these two angles, moving down at a rate of 32 points per day.

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