June E-mini S&P 500 Index futures are called higher based on the pre-market trade. The market was trading lower earlier in the session, but rebounded after the Federal Reserve unveiled details of its Main Street lending programs, which are geared toward helping small and medium-sized businesses hindered by the coronavirus outbreak. The programs will total up to $2.3 trillion.
At 13:02 GMT, June E-mini S&P 500 Index futures are trading 2766.25, up 31.25 or 1.14%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers traded through 2750.00. The main trend will change to down on a trade through the last main bottom at 2424.75.
The minor trend is also up. A trade through 2620.75 will change the minor trend to down. This will also shift momentum to the downside.
The main range is 3397.75 to 2174.00. Its retracement zone at 2786.00 to 2930.25 is the next upside target. This is a major resistance zone. It is controlling the longer-term direction of the index.
The intermediate range is 3131.00 to 2174.00. The index is currently trading inside its retracement zone at 2652.50 to 2765.50.
Combining the two retracement zones makes 2765.50 to 2786.00 a key resistance cluster.
Daily Technical Forecast
Based on the early price action and the current price at 2766.25, the direction of the June E-mini S&P 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to 2765.50 to 2786.00.
A sustained move over 2786.00 will indicate the presence of buyers. Overtaking this level could trigger a rally into the downtrending Gann angle at 2699.00. This angle is a potential trigger point for an acceleration to the upside with the next targets 2915.00 and 2930.25.
A sustained move under 2765.50 will signal the presence of sellers. This could trigger a break into a downtrending Gann angle at 2699.00.
Crossing to the weak side of the angle at 2699.00 could trigger a break into 2652.50. This is followed by 2620.75 and 2590.00.
This article was originally posted on FX Empire
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