E-mini S&P 500 Index (ES) Futures Technical Analysis – Close Over 4476.50 Will Indicate Strong Buyers
September E-mini S&P 500 Index futures are soaring shortly after the mid-session on Monday, boosted by strong performances in the energy and technology sectors. It’s been a “risk-on” session from the get-go with investors anticipating the FDA’s full approval of the Pfizer-BioNTech COVID-19 vaccine since late Friday.
At 17:47 GMT, September E-mini S&P 500 Index futures are trading 4480.25, up 43.25 or +0.97%.
Nine of the 11 major S&P sectors advanced. Energy shares jumped 3.8%, having lost 7.3% in the previous week on fears that new COVID-19 curbs would hit fuel demand. Industrials and banks added 1.1% each.
The U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine for use in people aged 16 and older, as health authorities struggle to win over vaccine skeptics during a relentless pandemic.
Pfizer shares rose 2.5%, while BioNTech jumped 9.9%.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The trade through 4476.50 reaffirmed the uptrend. A move through 4347.75 will change the main trend to down.
The new minor range is 4347.75 to 4485.75. Its retracement zone at 4416.75 to 4400.50 is new support. This zone will move up as the index moves higher.
Daily Swing Chart Technical Forecast
The direction of the September E-mini S&P 500 Index into the close will likely be determined by trader reaction to the former top at 4476.50.
A sustained move over 4476.50 will indicate the buying is getting stronger. This would be a strong indication that buyers are willing to buy strength even at record highs.
A sustained move under 4476.50 will signal late session weakness. This would indicate investor hesitancy to buy strength. It won’t be a trend changing event, but it could lead to a short-term pullback into support.