FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
21,069,017Confirmed
752,726Deaths
13,900,438Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
Daily December E-mini S&P 500 Index
Daily December E-mini S&P 500 Index

December E-mini S&P 500 Index futures inched higher on Tuesday, moving closer to the July 20 contract high at 2118.50. Although the main trend is up on the daily chart, the buying seems to be tentative ahead of Friday’s U.S. Non-Farm Payrolls report.

The main trend is up, but the market is still in the window of time for a potentially bearish closing price reversal top because of the prolonged move up in terms of price and time since the September 29 main bottom.

Daily December E-mini S&P 500 Index

A closing price reversal top at this level would indicate the selling is greater than the buying at current price levels, but it would not necessarily mean the trend is changing to down. This will only occur if sellers take out the swing bottom at 2064.25.

Based on the close at 2103.00, the key target to watch today is an uptrending angle at 2102.50. This angle is controlling the short-term direction of the market.

A sustained move over 2102.50 will indicate the presence of buyers. This could create enough upside momentum to challenge the July 20 main top at 2118.50.

A sustained move under 2102.50 will signal the presence of sellers. The next downside target is a short-term uptrending angle at 2096.25.

The daily chart opens up under 2096.25 with the next target another short-term uptrending angle at 2080.25. This is followed by a major long-term uptrending angle at 2069.00. This is the last potential support angle before the 2064.25 main bottom.

Watch the price action and read the order flow at 2102.50 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control. 

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Trade With A Regulated Broker

  • Your capital is at risk