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James Hyerczyk
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are trading higher shortly after the U.S. opening on Wednesday ahead of manufacturing and services PMI data that could shed some light on the strength of the economy, while Nike was set for a record open after a stunning quarterly earnings report.

At 13:32 GMT, December E-mini S&P 500 Index futures are trading 3307.25, up 8.00 or +0.24%.

Nike was set to drive the blue-chip index higher for a second straight day, clawing back more of the sharp declines from Monday that were driven by fears of another round of lockdowns to contain a global surge in COVID-19 cases.

Oracle Corp headed lower after a report by a state-backed Chinese newspaper said Beijing was unlikely to approve a proposed deal by the software maker and Walmart for ByteDance’s TikTok.

Additionally, travel-related stocks including Delta Air Lines, American Airlines, Carnival Corp and Royal Caribbean Cruises rose between 1.2% and 2% after being hammered earlier in this week.

Daily December E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 3217.75 will signal a resumption of the downtrend. The main trend will change to up on a move through 3419.50.

The main range is 2916.50 to 3576.25. Its retracement zone at 3246.25 to 3168.50 is support. This zone stopped the selling at 3217.75 on Monday.

The minor range is 3419.50 to 3217.75. Its 50% level at 3318.75 could act like a pivot today. It provided some resistance earlier in the session.

The short-term range is 3576.25 to 3217.75. Taking out the minor pivot could drive the index into its retracement zone at 3397.00 to 3439.25.


Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini S&P 500 Index on Wednesday is likely to be determined by trader reaction to the pivot at 3318.75.

Bullish Scenario

A sustained move over 3318.75 will indicate the presence of buyers. If this move generates enough upside momentum over the near-term then look for the rally to possibly extend into the short-term retracement zone at 3397.00 to 3439.25.

Bearish Scenario

A sustained move under 3318.75 will signal the presence of sellers. This could trigger a retest of the main 50% level at 3246.25, followed by the week’s low at 3217.75 and the main Fibonacci level at 3168.50.

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