E-mini S&P 500 Index (ES) Futures Technical Analysis – Intraday Momentum Could Shift on Sustained Move Over 3930.25

After reaching a one-and-a-half-year low during the pre-market session, June E-mini S&P 500 Index futures are trading down soon after the cash market opens on Thursday, as worries build that rapidly increasing inflation will force interest rates higher and put the global economy to a halt.

These issues, along with a German warning that Russia was now using energy supplies as a "weapon," dragged Europe's leading stock indexes down, leaving MSCI's global market index about 20% down for the year.

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June E-mini S&P 500 Index futures are at 3890.00 at 13:34 GMT, down 40.25 or -1.02 percent. The S&P 500 Trust ETF (SPY) is now trading at $388.15, down $4.60 or 1.17 percent from its previous close.

Daily Swing Chart for the E-mini S&P 500 Index in June Technical Evaluation

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through the intraday low of 3883.25. The major trend will turn to up if 4303.00 is broken.

4303.00 to 3882.50 is the minor range. The closest resistance is around 4092.75 to 4142.50, which is a retracement zone.