E-mini S&P 500 Index (ES) Futures Technical Analysis – Key Area to Watch Today is 2902.75 to 2932.50.
A sustained move over 2881.00 will indicate the presence of buyers. There first target is the short-term retracement zone at 2902.75 to 2932.50. This is zone is very important.
Since the main trend is down, sellers are likely to show up on a test of 2902.75 to 2932.50. They are going to try to form a secondary lower top that stops the rally and eventually leads to a resumption of the downtrend. The only way to continue the counter-trend rally is to establish support on the strong side of the short-term retracement zone.
A sustained move under 2880.75 will signal the presence of sellers. If this creates enough downside momentum then look for the weakness to extend into the main Fibonacci level at 2845.75. This is a potential trigger point for an acceleration into the closing price reversal bottom at 2775.75.
Taking out 2775.75 will be another sign of increasing selling pressure with the next target the main bottom at 2732.25.
Trading Central – S&P500
EUR/USD consolidates around 1.1200 amid market calm
EUR/USD is trading around 1.1200, consolidating. Markets are calmer after China has fixed the yuan at a stronger level than expected and the Fed’s Evans has said he is open to more stimulus.
Trading Central – EUR/USD
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