December E-mini S&P 500 Index futures are trading higher early Monday as traders assessed a sharp market rotation that led to a mixed weekly performance last week. In the cash market last week, the benchmark S&P posted a record closing high while notching a one-week gain of 2.2%. The rally came about as investors piled into beaten-down value names at the expense of high-flying growth stocks amid positive vaccine news.
At 05:08 (GMT), December E-mini S&P 500 Index futures are at 3609.50, up 27.50 or +0.77%.
What's next?
The early price action suggests the direction of the December E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the pivot at 3587.25.
For bullish scenario, A sustained move over 3587.25 will indicate the presence of buyers. If this creates enough upside momentum then look for the buying to possibly extend into 3668.00 over the near-term.
As for bearish scenario, A sustained move under 3587.25 will signal the presence of sellers. If this generates enough downside momentum then look for the selling to possibly lead to a retest of 3513.00 to 3506.50. The latter is a potential trigger point for an acceleration into the short-term retracement zone at 3446.50 to 3394.25.
Original analysis: https://www.fxempire.com/forec...
Telah diedit 16 Nov 2020, 14:30
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