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E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 3142.00 Will Set the Tone

Based on the early price action and the current price at 3142.00, the direction of the December E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 3142.00.
James Hyerczyk
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are called lower based on the pre-market trade. The catalyst behind the selling pressure was a disappointing unemployment report that showed weekly jobless claims jumped last week by 49,000 to 252,000. That is their highest level since the week that ended September 30, 2017.

At 14:10 GMT, December E-mini S&P 500 Index futures are trading 3142.00, down 1.00 or -0.03%.

The data comes after the Federal Reserve held interest rates steady on Wednesday. The central bank also indicated it would likely not make any policy changes through at least 2020.

Traders are also awaiting the outcome of a meeting between President Trump and several high-level advisors, whereby they could determine whether the U.S. slaps additional tariffs on Chinese imports on December 15.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 3158.00 will change the main trend to up. A move through 3069.50 will signal a resumption of the downtrend.

The short-term range is 3158.00 to 3069.50. Its 50% level at 3113.75 is support. It’s also controlling the direction of the index this week.

The main range is 3020.25 to 3158.00. Its retracement zone at 3089.00 to 3072.75 is the most important support.

Daily Technical Forecast

Based on the early price action and the current price at 3142.00, the direction of the December E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 3142.00.

Bullish Scenario

A sustained move over 3142.00 will indicate the presence of buyers. The first upside target is a downtrending Gann angle at 3150.00. This is the last potential resistance angle before the 3158.00 main top.

Bearish Scenario

A sustained move under 3142.00 will signal the presence of sellers. If this move creates enough downside momentum then look for a possible break into a support cluster at 3126.00 to 3125.50.

Taking out 3125.50 could trigger an acceleration into the pivot at 3113.75. If this level fails then look for an even steeper break into the next uptrending Gann angle at 3097.50.

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