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James Hyerczyk
E-mini S&P 500 Index Up

December E-mini S&P 500 Index futures are pointed higher shortly ahead of the cash market opening with traders reducing some of their concerns on U.S.-China trade relations, while shifting their focus to earnings season. Stocks are also being supported after a number of major companies posted better-than-expected results.

Posting stronger-than-expected results were J.P. Morgan Chase, Johnson & Johnson, UnitedHealth and BlackRock. Goldman Sachs, however, missed the Street’s estimate.

At 13:16 GMT, December E-mini S&P 500 Index futures are trading 2976.75, up 11.25 or +0.37%.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. Today’s second consecutive inside move suggests investor indecision and impending volatility.

A trade through 2994.00 will signal a resumption of the uptrend. The main trend will change to down on a move through 2881.75.

The main range is 3024.75 to 2855.00. Its retracement zone at 2960.50 to 2940.25 is support. Holding above this zone is helping to generate an upside bias.

The major support zone remains 2901.25 to 2872.00.


Daily Technical Forecast

Based on the early price action and the current price at 2976.75, the direction of the December E-mini S&P 500 Index the rest of the session on Tuesday is likely to be determined by trader reaction to the resistance cluster at 2981.75 to 2983.00.

Bullish Scenario

Taking out and sustaining a rally over 2983.00 will signal the presence of buyers. If this move creates enough upside momentum then look for a surge into last week’s high at 2994.00, followed by a minor top at 2995.00 and a downtrending Gann angle at 3003.75. This is the last potential resistance angle before the 3025.75 and 3032.25 main tops.

Bearish Scenario

A sustained move under 2981.75 will signal the presence of sellers. The first downside target is the main Fibonacci level at 2960.50. This is a potential trigger point for an acceleration into the main 50% level at 2940.25.

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