E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 2983.00, Weakens Under 2981.75

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.
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.

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