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E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 3587.25, Weakens Under 3571.75

James Hyerczyk
·2 min read

December E-mini S&P 500 Index futures are edging lower at the mid-session on Tuesday with the benchmark index retreating from record closing highs hit a day earlier, following disappointing retail sales data and a spike in coronavirus cases across the country.

At 18:17 GMT, December E-mini S&P 500 Index futures are trading 3614.75, down 8.25 or -0.24%.

Shortly before the opening, a report showed U.S. retail sales increased less than expected in October and could slow further due to spiraling new infections and a lack of fiscal support.

Financials, industrials and energy stocks gave back some gains made over the last week as positive updates from U.S. trials encouraged investors to diversify into value stocks on hopes they will benefit from a pickup in the economy.

In other news, Amazon.com Inc rose 1.2% after it launched an online pharmacy for delivering prescription medications in the United States. Drug retailers such as Walgreens Boots Alliance Inc tumbled 8.7%, while CVS Health Corp fell 7.5% on the news.

Daily December E-mini S&P 500 Index
Daily December E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3668.00 will reaffirm the uptrend, while a trade through 3225.00 will change the main trend to down.

The minor trend is also up. Taking out a pair of minor bottoms at 3513.00 and 3506.50 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 3668.00 to 3506.50. Its 50% level at 3587.25 is acting like support on Tuesday.

The second minor range is 3506.50 to 3637.00. Its 50% level at 3571.75 is also potential support.

The short-term range is 3225.00 to 3668.00. If the minor trend changes to down then its retracement zone at 3446.50 to 3394.25 is also potential support.

Short-Term Outlook

The next move in the December E-mini S&P 500 Index will be determined by trader reaction to the pair of minor 50% levels at 3587.25 and 3571.75.

The bullish tone should continue if buyers can successfully defend 3587.25.

A bearish tone could develop if 3571.75 fails as support. This could trigger an acceleration to the downside with the next targets coming in at 3513.00 and 3506.50.

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

This article was originally posted on FX Empire

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