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E-Mini S&P 500 Trading on Weak Side of 4664.25 Pivot

March E-mini S&P 500 Index futures are edging lower early Tuesday as investors braced for the latest batch of corporate earnings reports. U.S. markets were closed Monday due to the Martin Luther King holiday.

The shortened trading week will feature quarterly reports from 35 companies in the S&P 500, including Bank of America, UnitedHealth and Netflix. Goldman Sachs is also set to post its most-recent quarterly figures Tuesday before the bell.

At 07:04 GMT, March E-mini S&P 500 Index futures are trading 4631.50, down 23.00 or -0.49%. On Friday, the S&P 500 Trust ETF (SPY) settled at $464.72, up $0.19 or +0.04%.

Major banks Wells Fargo, JPMorgan Chase and Citigroup kicked off the earnings season on Friday, with the three companies posting better-than-expected profits. However, the market’s reaction to those results was mixed. Wells Fargo shares posted a gain on the back of those results, but JPMorgan Chase and Citigroup slid.

Daily March E-mini S&P 500 Index
Daily March E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 4572.75 will signal a resumption of the downtrend. Taking out 4739.50 will change the main trend to up.

The short-term range is 4520.25 to 4808.25. The index is currently testing its retracement zone at 4664.25 to 4630.25.

The minor range is 4808.25 to 4572.75. Its retracement zone at 4690.50 to 4718.25 is resistance.

The main range at 4530.50 to 4465.00 is the primary downside target and value area.

Daily Swing Chart Technical Forecast

The early direction of the March E-mini S&P 500 Index is likely to be determined by trader reaction to 4664.25 and 4630.25.

Bearish Scenario

A sustained move under 4630.25 will indicate the presence of sellers. Taking out the minor bottom at 4606.00 will indicate the selling pressure is getting stronger. This could trigger an acceleration into the main bottom at 4572.75.

The downtrend will reaffirm if 4572.75 is taken out with 4530.50 to 4465.00 the next major target. Buyers could step in on a test of this area since it is a value area.

Bullish Scenario

Holding 4630.25 will indicate the presence of buyers. Taking out 4664.25 could trigger an acceleration into the minor retracement zone at 4690.50 to 4718.25.

Overcoming 4718.25 will indicate the buying is getting stronger with the main top at 4739.50 the next target. A move through this level could trigger an acceleration to the upside.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire