E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 4668.50, Weakens Under 4625.25

December E-mini S&P 500 Index futures are edging higher shortly before the mid-session on Thursday in a mostly low volume trade because of the U.S. Veterans Day bank holiday. The market is attempting to rebound from two-days of inflation-driven selling, but struggling with losses in Disney likely capping gains.

At 16:02 GMT, December E-mini S&P 500 Index futures are at 4650.75, up 8.75 or +0.19%.

Six of the 11 major S&P 500 sector indexes rose in early trading, with consumer discretionary leading the gains.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 4711.75 will signal a resumption of the uptrend. A move through 4260.00 will change the main trend to down.

The minor trend is also up. A trade through 4543.75 will change the minor trend to down. This will shift momentum to the downside.

The minor range is 4543.75 to 4711.75. Its 50% level at 4627.75 is support. This level played a role in stopping the selling pressure at 4625.25 on Wednesday.

Another minor range is 4711.75 to 4625.25. Its 50% level at 4668.50 is potential resistance.

On the downside, potential targets come in at 4514.50, 4485.75 and 4432.50.

Daily Swing Chart Technical Forecast

The direction of the December E-mini S&P 500 Index into the close on Thursday will be determined by trader reaction to 4627.75.

Bearish Scenario

A sustained move over 4627.75 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge into 4668.50.

Sellers could come in at 4668.50. They may try to form a secondary lower top. Overtaking this level will indicate the buying is getting stronger. This could trigger an acceleration to the upside with 4711.75 the next potential target.

Bullish Scenario

A sustained move under 4627.75 will signal the presence of sellers. Taking out 4625.25 will indicate the selling pressure is getting stronger. The daily chart indicates there is plenty of room to the downside so this could trigger an acceleration into 4485.75 to 4432.50 over the near-term.