E-mini S&P 500 Index (ES) Futures Technical Analysis – Trying to Establish Support Zone at 3104.00 to 3097.75

Based on Friday’s price action and the current price at 3107.50, the direction of the December E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the 50% level at 3104.00.
James Hyerczyk
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are edging higher late Friday, but for a second session, the price action is nothing to write home about. Volume appears to be below average, but you can’t blame investors after week filled with both positive and negative headlines about a trade deal that confused everyone. Uncertainty basically sent the buyers to the sidelines, but at least it didn’t encourage heavy selling.

At 20:49 GMT, December E-mini S&P 500 Index futures are at 3107.50, up 3.50 or +0.11%.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has shifted to the downside with the formation of a closing price reversal top on November 19 at 3132.50.

A trade through 3132.50 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will officially turn down on a move through 3020.25.

The minor trend is also up. A trade through 3075.75 will change the minor trend to down. This will confirm the shift in momentum to the downside.

The first minor range is 3075.75 to 3120.50. Its 50% level at 3104.00 is acting like support.

The second minor range is 3063.00 to 3120.50. Its 50% level at 3097.75 provided support on Friday.

The main range is 3020.25 to 3132.50. Its retracement zone at 3076.25 to 3063.00 is the primary downside target and value zone.

Daily Technical Forecast

Based on Friday’s price action and the current price at 3107.50, the direction of the December E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the 50% level at 3104.00.

Bullish Scenario

A sustained move over 3104.00 will indicate the presence of buyers. If there is a late session surge then look for buyers to take a run at the uptrending Gann angle at 3129.75.

Bearish Scenario

A sustained move under 3104.00 will signal the return of sellers. This could lead to a fast break into 3097.75. Taking out this level could trigger an acceleration into the uptrending Gann angle at 3084.00.

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