Yahoo Finanza E-mini S&P 500 Index (ES) Futures Technical Analysis – Strengthens Over 3466.00, Weakens Under 3437.25
September E-mini S&P 500 Index futures are inching higher shortly after the release of the U.S. Non-Farm Payrolls report and a little before the cash market opening. The early trade has been choppy. Some traders are blaming the price action on the low pre-holiday volume and general cautiousness after yesterday’s steep sell-off.
At 13:08 GMT, September E-mini S&P 500 Index futures are trading 3468.25, up 6.75 or +0.20%.
The U.S. unemployment rate fell to 8.4% last month from 10.2% in July. Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall job creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million.
Ahead of the opening on Friday, traders are keeping an eye on Goldman Sachs after Malaysia dropped criminal charges against three of the investment bank’s units after Goldman agreed last month to a $3.9 billion settlement in the case involving Malaysia’s state investment fund 1 MDB.
However, traders are particularly interest in how the technology sector performs since its stocks were hit the hardest during Thursday’s steep sell-off.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. The main trend will change to down on a trade through the last main bottom at 3195.00. A move through 3587.00 will signal a resumption of the uptrend.
The minor trend is down. This shifted momentum to the downside.
The minor range is 3344.75 to 3587.00. The market is currently straddling its retracement zone at 3466.00 to 3437.25.
The short-term range is 3195.00 to 3587.00. If the selling pressure continues then look for the selling to possibly extend into its retracement zone at 3391.00 to 3344.75. Since the main trend is up, buyers are likely to come in on a test of this area.
Daily Swing Chart Technical Forecast
Based on the early price action, look for a bullish tone to develop on a sustained move over 3466.00 and for a bearish tone to emerge on a sustained move under 3437.25.
Bullish Scenario
A sustained move over 3466.0 will indicate the presence of buyers. This could trigger an intraday rally into the minor 50% level at 3505.75.
Bearish Scenario
A sustained move under 3437.25 will signal the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the 50% level at 3391.00.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
