June E-mini S&P 500 Index futures are up for a second session on Tuesday as investors played down concerns over inflation and jumped into companies expected to benefit from the reopening of the economy amid rising optimism over the pace of the economic recovery.
At 14:12 GMT, June E-mini S&P 500 Index futures are trading 4197.00, up 3.25 or +0.08%.
Airlines and cruise lines led the market higher. United Airlines jumped 3% after the carrier said yields on domestic leisure tickets purchased this month topped 2019 levels amid the reopening. Boeing also gained 1.7%. Norwegian Cruise Line and Royal Caribbean rose more than 4% each.
Daily June E-mini S&P 500 IndexDaily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 4055.50 will change the main trend to down.
The minor trend is also up. A move through 4142.50 will change the minor trend to down. This will shift momentum to the downside.
The short-term range is 4238.25 to 4029.25. Its retracement zone at 4158.50 to 4133.75 is support. This area is also controlling the near-term direction of the index.
Daily Swing Chart Technical Forecast
The direction of the June E-mini S&P 500 Index into the close is likely to be determined by trader reaction to 4193.75.
A sustained move over 4193.75 will indicate the presence of buyers. If this move continues to generate enough upside momentum then look for the buying to possibly extend into the all-time high at 4238.25.
A sustained move under 4193.75 will signal the presence of sellers. The first downside target is the short-term Fibonacci level at 4158.50. Since the main trend is up, buyers could come in on the first test of this level. If it fails then look for the selling to possibly extend into the minor bottom at 4142.50, followed by the short-term 50% level at 4133.75.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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