September E-mini S&P 500 Index futures are called flat shortly before the cash market opening. Investors have been showing little reaction to this week’s batch of earnings reports as most of the major players remain on the sidelines ahead of the July 25 European Central Bank and July 30-31 Federal Reserve monetary policy meetings.
At 13:21 GMT, September E-mini S&P 500 Index futures are trading 3007.00, unchanged.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 3023.50 will signal a resumption of the uptrend. A trade through 2963.50 will change the main trend to down.
The short-term range is 2963.50 to 3023.50. Its retracement zone at 2993.50 to 2986.50 is the first downside target.
The intermediate range is 2914.50 to 3023.50. If the trend changes to down then look for the selling to possibly extend into its retracement zone at 2969.00 to 2956.00.
Daily Technical Forecast
Based on the early price action, the direction of the September E-mini S&P 500 Index on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 3007.50.
A sustained move over 3007.50 will indicate the presence of buyers. The first two targets are Gann angles at 3011.50 and 3015.50.
Taking out 3015.50 could trigger an acceleration to the upside with the next targets the main top at 3023.50 and an uptrending Gann angle at 3026.50. Crossing to the strong side of the angle at 3026.50 will put the index in a bullish position.
A sustained move under 3007.50 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into a short-term 50% level at 2993.50 and a potential support cluster at 2987.50 to 2986.50.
This article was originally posted on FX Empire
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