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E-mini S&P 500 Trying to Build on Monday’s Reversal Bottom

Cory Russell

May 05, 2022 10:40


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After a bumpy day in which the benchmark index swung between gains and losses as the Federal Reserve began a major meeting, June E-mini S&P 500 Index futures finished higher on Tuesday.


Investors were purchasing shares of financial and technology businesses ahead of the Fed's anticipated decision on Wednesday, according to the price action.


June E-mini S&P 500 Index futures closed at 4169.25 on Tuesday, up 18.25 points or 0.44 percent. The SPDR S&P 500 Trust ETF (SPY) closed at $416.39, up $1.91 or 0.46%.


Energy and financials both rose 2.9 percent and 1.3 percent, respectively, among the 11 major S&P 500 sectors. The S&P 500 banks index increased by 2%, with Citigroup Inc up 2.9 percent.


The Federal Reserve is the focus of attention.


When the Federal Reserve finishes its two-day meeting on Wednesday, it is expected to raise interest rates by 50 basis points and reveal plans to shrink its $9 trillion balance sheet.


The focus, however, will be on Fed Chair Jerome Powell's press conference, which will include remarks on the future course of interest rates and the decrease of the Fed's balance sheet.

Swing Chart for the Day Analysis of the Technical

According to the daily swing chart, the major trend is down. Since the confirmation of Monday's closing price reversal bottom, however, momentum has been heading upward.


The chart pattern will be negated by a trade through 4056.00, signaling a return of the decline. The major trend will turn to up if the price breaks through 4509.00.


The minor trend is similarly in the negative direction. The minor trend will be changed to up if a transaction is made through 4303.50. This will validate the momentum change.


4303.50 through 4056.00 is the first minor range. The pivot point is 4179.75.


4509.00 to 4056.00 is the second minor range. The pivot point is 4282.50.


4631.00 to 4056.00 is the short-term range. The pivot at 4343.50 will become the next objective if the minor trend swings to up.

Short-Term Prospects

Trader reaction to 4179.75 is likely to determine the direction of the June E-mini S&P 500 Index early Wednesday.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 4179.75. Look for a potential push through the resistance cluster around 4282.50 - 4303.50 if this move generates enough upward momentum.

Scenario that is bearish

The presence of selling will be signaled by a prolonged move below 4179.75. A slight pivot at 4197.75 is the initial downward objective. Look for a retest of the reversal bottom at 4056.00 if this fails.

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