E-mini S&P 500 Index (ES) Futures Technical Analysis – Edging Toward Another All-Time High

December E-mini S&P 500 Index futures are edging higher at the mid-session on Tuesday after clawing back earlier losses. The futures contract is trading just under its all-time high reached the previous session, while the cash index hit that milestone earlier in the day.

Despite the earlier weakness, the market seemed to be underpinned all session after Pfizer started its roll out of its coronavirus vaccine in the U.K. Pfizer shares rose more than 3% and reached their highest level in more than a year. BioNTech, which developed the vaccine alongside Pfizer, saw its stock rise by 1.8%.

At 18:12 GMT, December E-mini S&P 500 Index futures are trading 3701.75, up 11.00 or +0.30%.

In other vaccine related news, the U.K. ordered enough vaccine for 20 million of its residents to start. In the U.S., the Food and Drug Administration said the vaccine provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3705.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 3225.00.

The minor trend is also up. A trade through 3592.25 will change the minor trend to down. This will also shift momentum to the downside.

If buyers take out 3705.00 then 3664.25 will become the new minor bottom and change in trend point.

The minor range is 3705.00 to 3664.25. Its 50% level at 3684.50 is support.

The next minor range is 3592.25 to 3705.00. Its 50% level at 3648.50 is also support. A third 50% support level is 3623.50.

The 50% levels will move higher if buyers take out 3705.00.

Short-Term Outlook

The direction of the December E-mini S&P 500 Index into the close will be determined by trader reaction to 3684.50.

Bullish Scenario

A sustained move over 3684.50 will indicate the presence of buyers. If this move generates enough upside momentum then look for a breakout over 3705.00.

Bearish Scenario

A sustained move under 3684.50 will signal the presence of sellers. This could lead to a labored break with potential support levels at 3664.25, 3648.50 and 3623.50.

Side Notes

Taking out 3705.00 and closing under 3690.75 will produce a potentially bearish closing price reversal top.

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