James Hyerczyk
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E-mini S&P 500 Index

September E-mini S&P 500 Index futures are trading nearly flat in what has so far been a lackluster session following three days of heightened volatility. Helping to cap gains is a report showing an unexpected rise in weekly jobless claims, while a steady flow of positive earnings reports underpinned the market.

At 14:34 GMT, September E-mini S&P 500 Index futures are trading 4353.75, up 3.25 or +0.07%.

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The Labor Department’s report showed the number of Americans filing new claims for unemployment benefits increased by 51,000 to a seasonally adjusted 419,000 for the week ended July 17.

Meanwhile, a shift in attention to corporate earnings and the so-called value stocks have helped Wall Street recoup most of its declines from earlier in the week that were triggered by concerns about the fast-spreading Delta variant of the coronavirus.

Daily September E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has shifted to the downside. A trade through 4384.50 will signal a resumption of the uptrend. The main trend will change to down on a move through 4224.00.

The minor trend is down. This is controlling the momentum.

The minor range is 4384.50 to 4224.00. The index is currently trading on the strong side of its 50% level at 4304.25, making it potential support.

The short-term range is 4126.75 to 4384.50. Its retracement zone at 4255.50 to 4225.25 is key support. This zone stopped the selling at 4224.00 on Monday.

The main range is 4020.00 to 4384.50. If the main trend changes to down then look for the break to extend into its retracement zone at 4202.25 to 4159.25.


Daily Swing Chart Technical Forecast

The direction of the September E-mini S&P 500 Index on Thursday is likely to be determined by trader reaction to 4350.50.

Bullish Scenario

A sustained move over 4350.50 will indicate the presence of buyers. If this move continues to strengthen then look for a drive into the record high at 4384.50.

Bearish Scenario

A sustained move under 4350.50 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the minor pivot at 4304.25.

Taking out 4304.25 will be a sign that the selling pressure is increasing. It will also be an early indication that a potentially bearish secondary lower top is forming.

If the downside momentum is strong enough to take out 4304.25 then look for a possible acceleration to the downside with the next targets coming in at 4255.50, 4255.25 and 4224.00.

For a look at all of today’s economic events, check out our economic calendar.
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