E-mini S&P 500 Index Futures Technical Analysis (ES) – Must Hold 4,786.00 To Maintain Bullish Momentum
March Futures contracts on the E-mini S&P 500 index are trading higher shortly after the spot market opens on Tuesday. The benchmark hit a new high as concerns over the Omicron variant of the coronavirus faded and travel stocks rebounded, while Ford shares gained on an electric pickup production forecast optimistic.
As of 2:50 p.m. GMT, the March E-mini S&P 500 Index futures are trading at 4,802.25, up 16.25 or + 0.34%. The S&P 500 Trust ETF (SPY) is at $ 479.35, up $ 1.64 or + 0.34%.
Technical analysis of the daily swing chart
The main trend is upward on the daily swing chart. A trade at $ 4,747.50 will change the main downtrend.
The minor range is 4747.50 to 4808.25. Its pivot at 4777.50 is the closest support. This level will increase as the market increases.
The short-term range is 4520.25 to 4808.25. If the main trend changes lower then its retracement area between 4663.75 and 4630.00 will become the main target on the downside.
Technical forecasts of the daily swing chart
The direction of the E-mini S&P 500 Index for March Tuesday will likely be determined by the reaction of traders at 4,786.00.
A sustained move above 4786.00 will indicate the presence of buyers. Elimination of the intraday high at 4808.25 will indicate buying strengthening. This could trigger an acceleration to the upside as there is no resistance to a historic high. Investors must resist by stopping their purchases.
A sustained move below 4786.00 will signal the presence of sellers. The first target on the downside is 4777.50.
A cross below 4777.50 will indicate that selling pressure is strengthening. This could trigger another breakout of the main low at 4747.50.
Withdrawing 4747.50 will change the main downtrend. This could trigger a downward acceleration with 4663.75 at 4630.00 the next major target area.