March E-mini S&P 500 Index futures are trading near another record high reached earlier in the session. The intraday upside momentum is strong. There is no resistance but there are a pair of uptrending Gann angles guiding the index higher. The only thing bullish investors have to fear at current price levels is a closing price reversal top.
At 19:30 GMT, March E-mini S&P 500 Index futures are trading 3309.00, up 15.25 or +0.47%.
Daily Technical Analysis
The main trend is up according to the daily swing top. The intraday high is 3309.75. A move through this level will indicate the buying is getting stronger.
The main trend will change to down on a move through 3181.00. This is highly unlikely, but a close under 3293.75 will produce a potentially bearish closing price reversal top.
The short-term range is 3181.00 to 3309.75. Its 50% level at 3245.25 is the first potential downside target level.
The index has been guided higher by a pair of uptrending Gann angle, moving at a rate of 8 points per day, since early December. Crossing to the strong side of these angles at 3311.00 and 3318.25 will put the index in an extremely bullish position.
On the downside, the nearest support angle comes in at 3277.00. Buyers could come in on the first test of this angle. If it fails as support then look for an acceleration to the downside with the first target coming in at 3245.25.
A close under 3293.75 will form a closing price reversal top. If confirmed, it won’t change the trend to down, but it could lead to a 2 to 3 day correction, or at least a 50% correction of its last rally.
This article was originally posted on FX Empire
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