E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 2999.75, Weakens Under 2993.75

December E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. The price action suggests investors aren’t too concerned over the delayed Brexit vote and may even be optimistic a deal will get done in a timely manner. Hope of further progress in U.S.-China trade talks are also helping to generate support. Strong earnings expectations are also helping to support prices as well on expectations the Fed will do all it can to keep the economic expansion alive with another rate cut next week.

At 13:30 GMT, December E-mini S&P 500 Index futures are trading 2999.75, up 11.50 or +0.39%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3008.00 will reaffirm the uptrend.

The minor trend is also up. A trade through 2975.00 will change the minor trend to down. This will also shift momentum to the downside.

The nearest retracement zone support is 2960.25 to 2940.00.

Daily Technical Forecast

Based on the early price action and the current price at 2999.75, the direction of the December E-mini S&P 500 Index the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 2999.75 and the uptrending Gann angle at 2993.75.

Bullish Scenario

A sustained move over 2999.75 will indicate the presence of buyers. If this move creates enough upside momentum then look for a rally into last week’s high at 3008.00. This price is a potential trigger point for an acceleration into the September 13 main top at 3025.75, followed closely by the July 26 all-time high at 3032.25.

Bearish Scenario

A sustained move under 2993.75 will signal the presence of sellers. This is a potential trigger point for an acceleration into the minor bottom at 2975.00.

Taking out 2975.00 will change the minor trend to down. This is followed by a downtrending Gann angle at 2973.75. If this level fails then look for the selling to possibly extend into the Fibonacci level at 2960.25.