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James Hyerczyk
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are trading higher shortly after the cash market opening. The catalysts behind the rally are a delay in U.S. tariffs against Chinese imports along with the announcement of a massive bond buying program from the European Central Bank (ECB) which means lower interest rates. The ECB also cut its deposit rate by 10 basis points.

At 13:42 GMT, September E-mini S&P 500 Index futures are trading 3009.25, up 7.25 or +0.23%.

Daily September E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing. However, the index is also up 12 sessions since its last major swing bottom. This puts it in the window of time for a closing price reversal top.

A trade through the intraday high at 3020.00 will indicate the buying is getting stronger. A move through 2957.25 will change the main trend to down.

The major support is a retracement zone at 2932.50 to 2902.50.


Daily Technical Forecast

Based on the early price action and the current price at 3009.25, the direction of the September E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 3002.25.

Bullish Scenario

A sustained move over 3002.25 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a rally into today’s intraday high at 3020.00. Taking out this level could trigger an acceleration into the July 26, 2019 all-time high at 3029.50.

Bearish Scenario

A sustained move under 3002.25 will signal the presence of sellers. The first target angle comes in at 2996.50.

Taking out 2996.50 could trigger an acceleration to the downside with the next target angle coming in at 2963.50. This is followed by the main bottom at 2957.25.

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