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James Hyerczyk
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are trading higher at the mid-session on Monday with the rally being led by a strong performance in the technology sector. Shares of Apple are leading the charge in the tech sector after shares climbed 2.1% on a price-target increase by an analyst at J.P. Morgan. The analyst’s new price target implies a more-than 20% increase for the tech giant over the next 12 months.

At 17:44 GMT, December E-mini S&P 500 Index futures are trading 2983.25, up 19.50 or +0.66%.

Optimism over U.S.-China trade relations is also exerting a positive influence on the index. In a statement over the weekend, a Treasury spokeswoman said “the administration is not contemplating blocking Chinese companies from listing on U.S. stock exchanges at this time.” This offset bearish comments made on Friday regarding this issue.

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 2946.25 will signal a resumption of the downtrend. The market is in no position to change the main trend to up.

The minor trend is also down. A move through 2995.00 will change the minor trend to up. This will also shift momentum to the upside.

The short-term range is 3025.75 to 2946.25. Its retracement zone at 2986.00 to 2995.50 is providing resistance today. This zone is controlling the near-term direction of the index

On the downside, the major support is the resistance zone at 2918.25 to 2893.00.


Daily Technical Forecast

Based on the early price action and the current price at 2983.25, the direction of the December E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the downtrending Gann angle at 2981.75.

Bullish Scenario

A sustained move over 2981.75 will indicate the presence of buyers. This could lead to a quick test of the short-term 50% level at 2986.00. Taking out this level could trigger a surge into the short-term Fibonacci level at 2995.50. This is followed closely by a downtrending Gann angle at 3003.75.

Bearish Scenario

A sustained move under 2981.75 will signal the presence of sellers. This could trigger an intraday break into 2965.50, followed by Friday’s low at 2946.25.

Crossing to the weak side of the downtrending Gann angle at 2937.75 will put the index in a weak position with the main 50% level at 2918.25 the downside target.

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