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James Hyerczyk
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are trading higher at the mid-session on Friday after overcoming earlier weakness. The early price action was choppy until a surge in financial stocks drove the broad-based index sharply higher. Gains may have been limited by worries over the jump in coronavirus cases.

At 16:50 GMT, September E-mini S&P 500 Index futures are trading 3154.50, up 13.50 or +0.435.

Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs rose between 2.7% and 3.4% ahead of their financial results next week, which would mark the onset of the second-quarter earnings season.

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 3184.00 will signal a resumption of the uptrend after a two-day setback.

The market may still be feeling a slight shift in momentum to the downside following Tuesday’s potentially bearish closing price reversal top, but that chart pattern will also be negated by a trade through 3184.00.

The minor trend is down. A trade through 3105.25 will indicate the selling is getting stronger. A move through 3170.75 will change the minor trend to up.

The minor range is 3184.00 to 3105.25. Its 50% level or pivot at 3144.50 is controlling the direction on Friday.

The short-term range is 3220.50 to 2923.75. Its retracement zone at 3107.00 to 3072.00 is support.

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Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 3154.50, the direction of the September E-mini S&P 500 Index into the close on Friday is likely to be determined by trader reaction to 3144.50.

Bullish Scenario

A sustained move over 3144.50 will indicate the presence of buyers. The next target is the minor top at 3170.75. Overtaking this level could lead to a retest of the main top at 3184.00.

Bearish Scenario

A sustained move under 3144.50 will indicate the presence of sellers. This could trigger a pullback into the Fibonacci level at 3107.00, followed by the minor bottom at 3105.25. The latter is a potential trigger point for an acceleration into the 50% level at 3072.00.

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