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James Hyerczyk
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are expected to open the cash session higher based on the pre-market trade. The market seems a little directionless today. Investors are supporting the index in anticipation of a rate cut by the Fed in late July. However, gains are being limited by concerns over U.S.-Iran relations.

At 13:30 GMT, September E-mini S&P 500 Index futures are trading 2957.25, up 6.75 or +0.23%.

Daily Sept E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum shifted to the downside with formation of a closing price reversal top on Friday, and its subsequent confirmation earlier today. There was very little follow-through to the downside following the confirmation.

A trade through 2969.25 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down on a trade through 2871.50. This is highly unlikely today, however, there is room to complete a normal 50% to 61.8% retracement.

The short-term range is 2871.50 to 2969.25. Its retracement zone at 2920.25 to 2908.75 is the primary downside target. Since the main trend is up, buyers are likely to show up on a test of this range.

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Daily Swing Chart Technical Forecast

The market is currently trading in between a pair of uptrending Gann angles.

If buyers regain control then look for a drive into the closing price reversal top at 2969.25. Taking out this level will indicate the buying is getting stronger with Gann angle targets coming in at 2972.25 and 2983.50.

Overcoming 2983.50 will put the index in a bullish position.

A trade through today’s intraday low at 2947.25 will indicate the selling is getting stronger. If this move attracts enough counter-trend sellers then look for the move to possibly continue into the uptrending Gann angle at 2927.50. Buyers could come in on the first test of this angle, but if it fails then look for the selling to extend into the 50% level at 2920.25.

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