FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
E-mini S&P 500 Index
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are higher based on the pre-market trade. The index is currently trading in a position to post a new all-time high. It also begins today’s session in the window of time for a potentially bearish closing price reversal top.

The formation of a closing price reversal top will not mean the trend is getting ready to turn to down, but it could indicate that the selling is greater than the buying at current price levels.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2506.00 will signal a resumption of the uptrend. A move through 2487.00 will change the main trend to down.

Since the index is in the window of time for a potentially bearish closing price reversal top, watch the price action and read the order flow on a test of yesterday’s high at 2506.00.

Buyers are going to either takeout 2506.00 and continue the move, or they are going to make a higher-high, lower-close.

So I think we’re going to have a strong upside bias on a sustained move over 2506.00 and a downside bias if buyers take out 2506.00 then drive prices back through 2502.75.

Advertisement

Daily Forecast

Based on the current price at 2504.50 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the steep uptrending angle at 2503.00.

A sustained move over 2503.00 will indicate the presence of buyers. This could lead to a test of yesterday’s high at 2506.00. This is the trigger point for a potential acceleration to the upside.

A sustained move under 2503.00 will signal the presence of sellers. This could trigger a break into the next two uptrending Gann angles at 2495.00 and 2491.00.

The angle at 2491.00 is the last potential support angle before the 2487.00 main bottom.

 

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

Trade With A Regulated Broker