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James Hyerczyk
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are edging lower late in the session on Friday as investors fretted over the lack of progress in Washington toward a new COVID-19 fiscal stimulus bill. With most traders believing some sort of stimulus package will eventually be forthcoming, their focus may be shifting to the November 3 presidential elections. Traders are also reacting to a double-digit drop in chipmaker Intel.

At 18:05 GMT, December E-mini S&P 500 Index futures are trading 3448.50, down 0.75 or -0.02%.

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Heading into last night’s presidential debate, Trump trailed former vice president Biden in national polls, but the contest is much tighter in some battleground states where the election will likely be decided.

In stock-related news, chipmaker Intel Corp fell 10.8% after it reported a drop in margins as consumers bought cheaper laptops and pandemic-stricken businesses and governments clamped down on data center spending. American Express Co dropped 2.7% as it missed estimates for third-quarter profit.

Daily December E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 3541.00 will signal a resumption of the uptrend. A move through 3198.00 will change the main trend to down.

The minor trend is down. This is controlling the momentum. The index also confirmed yesterday’s potentially bullish closing price reversal bottom. The minor trend will change to up on a move through 3508.50. Taking out 3402.50 will negate the closing price reversal bottom and signal a resumption of the minor trend.

The intermediate range is 3576.25 to 3198.00. Its retracement zone at 3431.75 to 3387.00 is support. This zone stopped the selling at 3402.50 on Thursday.

The minor range is 3541.00 to 3402.50. Its 50% level at 3471.75 is the next upside target. Trader reaction to this level could determine the direction of the market next week.

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Short-Term Outlook

Holding above 3431.75 will indicate the presence of buyers. The first upside target is 3471.75. This is a potential trigger point for an acceleration to the upside.

A failure to hold 3431.75 will signal the presence of sellers. This could create the momentum needed to challenge 3402.50, followed by a pair of 50% levels at 3387.00 and 3369.50.

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