E-mini S&P 500 Index (ES) Futures Technical Analysis – June 21, 2017 Forecast
September E-mini S&P 500 Index futures are trading lower shortly before the cash market opening, but the market is trying to mount a comeback after the early session weakness.
Technical Analysis
The main trend is up according to the daily swing chart. It turned up on Monday. A trade through 2416.25 will turn the minor trend to down. A move through 2412.50 will change the main trend to down.
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The short-term range is 2412.50 to 2451.50. Its 50% level or pivot is 2432.00. The market is straddling this price today.
The main range is 2341.75 to 2451.50. If there is a sell-off then its retracement zone at 2396.50 to 2383.50 will become the primary downside target.
Forecast
Based on the current price at 2437.00 and the earlier price action look for an upside bias to develop on a sustained move over 2433.75 and for a downside bias to develop on a sustained move under 2432.00.
A sustained move over 2433.75 will indicate the presence of buyers. This could trigger a rally into the next uptrending angle at 2444.50. Crossing to the strong side of this angle will indicate the buying is getting stronger. This could create the momentum needed to drive the index back to 2451.50.
A sustained move under 2432.00 will signal the presence of sellers. This could develop into something big because there is plenty of room to the downside with the next targets coming in at 2416.25 and 2412.50.
Basically, look for a bullish tone over 2433.75 and a bearish tone under 2432.00.