Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
S&P 500

December E-mini S&P 500 Index futures are trading nearly flat as we approach the last hour of trading on Friday. The market is currently sitting inside yesterday’s range which suggests trader indecision and impending volatility as investors awaited the results of the presidential election, while digesting the latest monthly jobs report for clues on the strength of the economy.

At 19:29 GMT, December E-mini S&P 500 Index futures are trading 3506.00, up 1.25 or +0.04%.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Daily December E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3541.00 will signal a resumption of the uptrend, followed by the September 3 main top at 3576.25. The main trend changes to down on a move through 3225.00.

The main range is 2916.50 to 3576.25. Its retracement zone at 3246.25 to 3168.50 is major support. This zone stopped the selling at 3225.00 on October 30.

The minor range is 3541.00 to 3225.00. The index is currently trading on the strong side of its retracement zone at 3420.25 to 3383.00, putting it in a bullish position.


Short-Term Outlook

Traders seem to be comfortable with the idea of a Joe Biden presidency, and the prospect of a policy gridlock in Washington, which could ease worries about tighter regulations on U.S. companies.

Holding above the minor Fibonacci level at 3420.25 should keep the rally afloat. If it fails then look for the selling to possibly extend into the minor 50% level at 3383.00.

A trade below 3383.00 will indicate the selling pressure is getting stronger, but it won’t signal a change in trend.

We could see some selling on profit-taking on the first test of 3541.00 to 3576.25. This is a typical reaction this close to an all-time high. If we remain in a momentum driven market then look for any positive headline to drive the index through 3576.25, possibly trigger an acceleration to the upside.

For a look at all of today’s economic events, check out our economic calendar.
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

  • Your capital is at risk
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.
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.