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

December E-mini S&P 500 Index futures closed sharply lower on Friday. The momentum into the close is likely to carry over into the opening on Monday, giving the market an early downside bias today.

The main range is 1790.00 to 2014.50. The retracement zone created by this range is currently being tested at 1902.25 to 1875.75.

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The index is also trading on the bearish side of a long-term uptrending angle from 1790.00 at 1916.00. Overcoming this angle could trigger a short-covering rally, however, a sustained move under this angle is likely to continue to drive the index toward the next uptrending angle at 1853.00.

On the upside, overcoming 1916.00 could create enough upside momentum to trigger a strong rally into the closest downtrending angle at 1950.50.

Daily December E-mini S&P 500 Index

Since the index is trading inside a major retracement zone, traders should watch for a closing price reversal bottom. This isn’t necessarily to catch a bottom, but to avoid getting trapped if short.

The area to watch for a possible technical bounce is the bottom at 1882.75 to the Fibonacci level at 1875.75.

Crossing back over to the bullish side of the 50% level at 1902.25 will be the earliest sign of short-covering, but don’t expect a strong rally unless 1916.00 is overtaken with conviction.

 

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