December E-mini S&P 500 Index futures are trading higher late Friday after hitting a record high earlier in the session. The benchmark index is also in a position to post a record high close.
The index was underpinned from the start, driven by positive comments from a high-ranking White House official on Thursday. White House economic adviser Larry Kudlow said China and the U.S. we’re getting close to reaching a trade deal.
The rally was further driven by optimistic comments from U.S. Commerce Secretary Wilbur Ross, who said in an interview on Fox Business Network on Friday, that there was a very high probability the United States would reach a final agreement on a phase one trade deal with China.
“We’re down to the last details now,” Ross said.
At 20:51 GMT, December E-mini S&P 500 Index futures are trading 3116.00, up 19.00 or +0.62%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The uptrend was reaffirmed when buyers took out the previous record high at 3102.00. A trade through 3020.25 will change the main trend to down.
The minor trend is also up. A trade through 3075.75 will change the minor trend to down. This will also shift momentum to the downside.
The first rolling minor range is 3063.00 to 3117.25. Its 50% level or pivot at 3090.00 is the first support.
The second rolling minor range is 3020.25 to 3117.25. Its 50% support level is 3068.75.
Daily Technical Forecast
Based on the current price at 3116.00, the nearest support is an uptrending Gann angle at 3108.25. The second support is the uptrending Gann angle at 3103.00 and the third support angle comes in at 3089.75.
The first minor pivot at 3090.00 forms a potential support cluster with the third support angle at 3089.75.
There is no resistance at this time, but if you’re looking to trade against the trend then wait for a closing price reversal top.
This article was originally posted on FX Empire
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