E-mini S&P 500 Index (ES) Futures Technical Analysis – Straddling Pivots at 2992.25 to 3003.25 into Close

Based on the early price action and the current price at 3002.50, the direction of the December E-mini S&P 500 Index into the close on Friday is likely to be determined by trader reaction to the 50% level at 3003.25 and the 50% level at 2992.25.
James Hyerczyk
E-mini S&P 500 Index

After treading water most of the session on Friday, December E-mini S&P 500 Index futures are under pressure during the last hour of cash market trading on news that Chinese trade officials are cutting short their visit to the United States.

The index was briefly lifted early in the session as optimistic investors hoped the start of face-to-face talks for the first time in two months would lay the groundwork for high-level negotiations early next month. However, this wasn’t the case on Friday after Chinese officials ended the meeting and headed back to China earlier than planned.

At 19:15 GMT, December E-mini S&P 500 Index futures are trading 3002.50, down 5.50 or -0.19%.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 3025.75 will signal a resumption of the uptrend. A move through 2958.75 will change the main trend to down.

The minor trend is also up, but a move through 2980.75 will change the minor trend to down. This will reaffirm the change in momentum to down.

The market is also straddling a pair of minor 50% levels at 2992.25 and 3003.25, which seem to be controlling the price action on Friday.

The major support zone is 2918.25 to 2894.00.

Daily Technical Forecast

Based on the early price action and the current price at 3002.50, the direction of the December E-mini S&P 500 Index into the close on Friday is likely to be determined by trader reaction to the 50% level at 3003.25 and the 50% level at 2992.25.

Bearish Scenario

A sustained move under 2992.25 will indicate the presence of sellers. Taking out the uptrending Gann angle at 2990.75 will indicate the selling is getting stronger. This could trigger a break into the minor bottom at 2980.75, followed by another uptrending Gann angle at 2974.75. This is the last potential support angle before the 2958.75 main bottom.

Bullish Scenario

A sustained move over 3003.25 will signal the presence of buyers. This could trigger an acceleration to the upside with the next targets lined up at 3022.75, 3024.50 and 3025.75.

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
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US