James Hyerczyk
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E-mini S&P 500 Index Up

December E-mini S&P 500 Index futures are trading slightly lower shortly after the opening on Thursday. Investors appear to be a little tentative about printing a record high amid persisting worries around U.S.-China trade relations.

The lack of progress over the trade deal and concerns over tariffs seemed to be the issues for traders earlier in the week, but now another problem has arisen. On Wednesday, the Wall Street Journal reported that talks between the U.S. and China are thought to have hit a snag over agricultural purchases.

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Furthermore, we’re already seeing signs that investors are taking protection against a stock market break with Treasury yields rising as well as the safe-haven Japanese Yen. It may be just a matter of time before stocks start to rollover to the downside.

At 15:18 GMT, December E-mini S&P 500 Index futures are trading 3094.75, down 0.75 or -0.03%.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3102.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 3020.25.

The minor trend is also up. A trade through 3075.75 will change the minor trend to down. This will shift momentum to the downside.

One minor range we’re watching is 3063.00 to 3102.00. Its 50% level or pivot at 3082.50 is helping to prop up the market today.

The main range is 3020.25 to 3102.00. Its 50% level target is 3061.00.

Another 50% target level comes in at 3042.00.


Daily Technical Forecast

Based on the early price action and the current price at 3094.75, the direction of the December E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 3095.00.

Bullish Scenario

A sustained move over 3095.00 will indicate the presence of buyers. The first upside target is an uptrending Gann angle at 3100.25. Overcoming this angle will indicate the buying is getting stronger.

Taking out 3102.00 could trigger an acceleration to the upside, but the buying volume has to be strong in order to fuel the move.

Bearish Scenario

A sustained move under 3095.00 will signal the presence of sellers. The first downside target is a support cluster at 3081.75 to 3082.50. We could see a technical bounce on the first test of this area. However, if 3081.75 fails then look for an acceleration to the downside with targets coming in at 3075.75 and 3061.00.

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