September E-mini S&P 500 Index futures are trading higher but the rally is being driven by low volume ahead of Thursday’s U.S. bank holiday and Friday’s Non-Farm Payrolls report. Traders still aren’t sure if volume will return on Friday so we may not even see a reaction to the jobs data until early next week.

At 15:07 GMT, September E-mini S&P 500 Index futures are trading 2990.00, up 10.50 or +0.35%.

Some say traders are just sticking around today to see if the index hits the coveted 3000 level.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when the index posted a higher-high. There is no resistance, only upside targets. Anyone waiting to pick a top should wait for a closing price reversal top to form. The nearest main bottom is 2914.50.

Daily Technical Forecast

Based on the early price action and the current price at 2990.00, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the uptrending Gann angles at 2994.50 and 2983.50.

Bullish Scenario

Overtaking and sustaining a rally over 2994.50 will put the index in an extremely bullish position.

Bearish Scenario

A failure to hold above 2983.50 will signal the return of sellers. This move won’t change the main trend to down, but it could trigger the start of a correction back to the next short-term uptrending Gann angle at 2954.50.