E-mini S&P 500 Index (ES) Futures Technical Analysis – Nearest Support Pivots at 4329.25 and 4311.25

September E-mini S&P 500 Index futures are trading higher late in the session on Wednesday after the benchmark cash index rose to a fresh record. The move was driven by a surge in mega-cap technology stocks.

With interest rates falling and Wall Street fretting about a peak in economic growth, investors have rediscovered their old Big Tech favorites. Apple rose 1.8% and Amazon gained 0.6% even after the e-commerce giant rallied nearly 5% on Tuesday.

At 20:19 GMT, September E-mini S&P 500 Index futures are trading 4349.25, up 15.25 or +0.35%.

Helping to boost the index was the dovish Federal Reserve minutes from its June 15-16 meeting. Central bank policymakers held short-term interest rates near zero but also indicated that it might be adjusting policy otherwise in the months ahead. The Fed also revealed the central bank discussed tapering but was in no rush to start the process.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 4353.25 will reaffirm the uptrend. The main trend will change to down on a move through 4126.75. This is highly unlikely but due to the prolonged move up in terms of price and time, the index is vulnerable to a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 4305.25 will change the minor trend to down. This will also shift momentum to the downside.

The nearest potential support levels are 4329.25 and 4311.25.

The short-term range is 4126.75 to 4353.25. Its 50% level is 4240.00.

The main range is 4020.00 to 4353.25. Its retracement zone at 4186.50 to 4147.25 is the primary downside target.

Daily Swing Chart Technical Forecast

The direction of the September E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to 4334.00.

Bullish Scenario

A sustained move over 4334.00 will indicate the presence of buyers. This could create the upside momentum needed to challenge the intraday high at 4353.25. There is no resistance over this level.

Bearish Scenario

A sustained move under 4334.00 will signal the presence of sellers. This could create the downside momentum needed to challenge 4329.25 and 4311.25. This is followed by 4305.25. This price is a potential trigger point for an acceleration to the downside.