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James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

September E-mini S&P 500 Index futures settled higher last week while producing a wide trading range. Most of the volatile price action was fueled by earnings and revenue reports. The market also hit its highest level since early February before retreating late in the week.

Weekly September E-mini S&P 500 Index

Weekly Swing Chart Technical Analysis

The main trend is up according to the weekly swing chart. A trade through 2849.50 will signal a resumption of the uptrend.

The minor trend is also up. A trade through 2792.50 will make 2849.50 a new minor top. This will be the first sign that the selling is greater than the buying at current price levels.

The short-term range is 2693.25 to 2849.50. Its retracement zone at 2771.25 to 2753.00 is the first downside target.

The major retracement zone is 2755.25 to 2713.75.

Combining the two retracement zones creates a support cluster at 2755.25 to 2753.00. Since the main trend is up, buyers are likely to come in on a test of this zone.

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Weekly Swing Chart Technical Forecast

The tone of the September E-mini S&P 500 Index futures contract this week is likely to be determined by trader reaction to last week’s close at 2817.50.

A sustained move over 2817.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a retest of 2849.50. Taking out this high could trigger a further rally into the contract high at 2889.00.

A sustained move under 2817.50 will signal the presence of sellers. Increased selling volume could drive the index into 2771.25, followed by the support cluster at 2755.25 to 2753.00. Watch for a technical bounce on the first test of this area.

The Fib level at 2753.00 is the trigger point for an acceleration to the downside with big targets coming in at 2713.75 to 2693.25.

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