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James Hyerczyk
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E-mini S&P 500 Index

September E-mini S&P 500 Index futures are trading higher on Tuesday, but well-off their pre-market highs as economically sensitive stocks rebounded overnight following a sharp sell-off in the previous session, while shares of IBM jumped after posting strong second-quarter results.

At 14:30 GMT, September E-mini S&P 500 Index futures are at 4263.00, up 11.75 or +0.28%.

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Shares of International Business Machines Corp gained 4.0% in premarket trading as brokerage raised their price targets on the stock following strong quarterly growth in the company’s cloud and consulting businesses.

The focus is now on earnings reports from companies including Netflix Inc, Philip Morris and Chipotle Mexican Grill later in the day.

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 is trending lower. A trade through 4126.75 will change the main trend to down. A move through 4384.50 will signal a resumption of the uptrend.

The minor trend is down. This is controlling the momentum. The minor trend changed to down on Monday when sellers took out a pair of minor bottoms at 4279.25 and 4269.25.

The short-term range is 4126.75 to 4384.50. On Monday, the index found support inside its retracement zone at 4255.50 to 4225.25.

The main range is 4020.00 to 4384.50. If the short-term support range fails then look for the selling to possibly extend into the main retracement zone at 4202.25 to 4159.25. This zone represents value so look for buyers on the first test of this area.

The new minor range is 4384.50 to 4224.00. If today’s short-covering rally can create enough upside momentum then look for the rally to possibly extend into its 50% level or pivot at 4304.25. Counter-trend sellers could come in on the first test of this level.

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Daily Swing Chart Technical Forecast

The direction of the September E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to the short-term 50% level at 4255.50.

Bullish Scenario

A sustained move over 4255.75 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for the rally to possibly extend into the minor pivot at 4304.25.

Bearish Scenario

A sustained move under 4255.75 will signal the presence of sellers. This could trigger a break into a support cluster at 4225.25 to 4224.00. If this area fails then look for the selling to possibly extend into the main 50% level at 4202.25.

Look for buyers on the first test of 4202.25. Taking it out, however, could generate the downside momentum needed to challenge the main Fibonacci level at 4159.25.

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