E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 3792.75 Sets the Tone into CloseThe direction of the March E-mini S&P 500 Index into the close is likely to be determined by trader reaction to 3792.75.
March E-mini S&P 500 Index futures are trading nearly flat late Thursday as investors’ hopes for fresh fiscal stimulus ahead of President-elect Joe Biden’s pandemic aid proposal were countered by weakening labor market conditions.
The benchmark index was supported throughout the session as investors counted on Biden unveiling on Thursday evening a stimulus plan that could exceed $1.5 trillion. Helping to cap gains was the Labor Department’s weekly jobless report, which showed the number of Americans filing first-time claims for unemployment benefits increased more than expected last week, underscoring the impact of a resurgence in COVID-19 infections.
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At 20:16 GMT, March E-mini S&P 500 Index futures are trading 3797.50, down 6.25 or -0.16%.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 3817.75 will signal a resumption of the uptrend. The main trend will change to down on a move through 3596.00.
The minor trend is also up. The minor trend will change to down on a move through 3768.00. This will shift momentum to the downside.
The minor range is 3817.75 to 3768.00. The index has straddled its pivot at 3792.75 the last two sessions.
The second minor range is 3652.50 to 3817.75. Its 50% level at 3735.00 is another potential support level. A third 50% support level comes in at 3706.75. The final minor support level is 3657.50. This is a potential trigger point for an acceleration to the downside.
The direction of the March E-mini S&P 500 Index into the close is likely to be determined by trader reaction to 3792.75.
A sustained move over 3793.00 will signal the presence of buyers. This could trigger a move into 3817.75. This is a potential trigger point for an acceleration to the upside.
A sustained move under 3792.75 will indicate the presence of sellers. This could trigger a break into 3768.00. Taking out this level will shift momentum to the downside with 3735.00 the next likely target.
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