James Hyerczyk
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E-mini S&P 500 Index

June E-mini S&P 500 Index futures are trading lower late in the session after giving back earlier gains. The index was supported shortly before the cash market opening after upbeat earnings reports from Goldman Sachs and JPMorgan boosted investor expectations of a strong rebound for corporate America amid swift COVID-19 vaccinations.

At 18:28 GMT, June E-mini S&P 500 Index futures are trading 4123.75, down 9.00 or -0.22%.

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Goldman Sachs Group Inc rose 3.9% after it reported a massive jump in first-quarter profit, capitalizing on record levels of global deal making activity. JPMorgan Chase & Co’s shares fell 1.0% even as the largest U.S. bank’s earnings jumped almost 400% in the first quarter, as it released more than $5 billion in reserves it had set aside to cover coronavirus-driven loan defaults.

Daily June E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, the late session weakness may be an indication that momentum is getting ready to shift to the downside.

A trade through the intraday high at 4144.00 will reaffirm the uptrend. The main trend will change to down on a move through 3843.25. This is not likely, but the index is in a position to post a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 4101.25 will change the minor trend to down. This will also shift momentum to the downside.

The new minor range is 4101.25 to 4144.00. The index is currently testing its 50% level or pivot at 4122.50.

The short-term range is 3843.25 to 4144.00. Its retracement zone at 3993.50 to 3958.00 is the nearest support area.


Daily Swing Chart Technical Forecast

The direction of the June E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to 4132.75.

Bullish Scenario

A sustained move over 4132.75 will indicate the presence of buyers. If this move can create enough upside momentum then look for the buying to possibly extend into 4144.00.

Bearish Scenario

A sustained move under 4132.75 will signal the presence of sellers. The first downside target is 4122.50. Taking out this level could create the downside momentum needed to challenge the minor bottom at 4101.25. This price is a potential trigger point for an acceleration to the downside.

Side Notes

A close under 4132.75 will form a closing price reversal top. If confirmed on Thursday, this could trigger the start of a 2 to 3 day correction.

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

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