E-mini S&P 500 Index (ES) Futures Technical Analysis – Lackluster Start to the Week

September E-mini S&P 500 Index futures pared earlier losses to move higher shortly before the mid-session, as hopes of a coronavirus vaccine offset concerns about the economic damage from a surge in domestic COVID-19 infections.

German biotech firm BioNTech and U.S. drugmaker Pfizer reported additional data from their experimental coronavirus vaccine that showed the vaccine was safe and induced an immune response in patients.

At 14:34 GMT, September E-mini S&P 500 Index futures are trading 3223.25, up 9.25 or +0.29%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3233.25 will signal a resumption of the uptrend. The main trend will change to down on a move through the last main bottom at 3105.25.

The minor trend is also up. The minor trend will change to down on a move through 3119.00. This will also shift momentum to the downside.

The minor range is 3105.25 to 3233.25. Its 50% level at 3169.25 is the nearest support.

The short-term range is 2983.50 to 3233.25. Its retracement zone at 3108.25 to 3079.00 is potential support.

Daily Swing Chart Technical Forecast

The early price action suggests that the tone of the market could turn bullish if buyers can take out 3233.25 with conviction. The daily chart indicates there is plenty of room to the upside over this level with the next major upside target the February 20 main top at 3396.50.

On the downside, the support is 3169.25. Since the main trend is up, buyers are likely to come in on a pullback into this level. If it fails then look for a potential acceleration to the downside with 3109.25 to 3105.25 the next likely downside target zone.

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