E-mini S&P 500 Index (ES) Futures Technical Analysis – March 26, 2018 Forecast
June E-mini S&P 500 Index futures are trading higher shortly after the cash market opening on Monday. Diminished fears over a trade war are bringing in the bargain hunters.
Daily Technical Analysis
The main trend is down according to the daily swing chart. A trade through Friday’s low at 2586.00 will signal a resumption of the downtrend. This could trigger a break into the next main bottom at 2532.50.
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The short-term range is 2807.25 to 2586.00. Its retracement zone at 2696.75 to 2722.75 is the primary upside target. This zone also surrounds a major 50% level at 2708.00. Since the main trend is down, look for a technical bounce on the first test of this area.
Daily Technical Forecast
Based on the early trade, the support is an uptrending Gann angle at 2598.50. If this angle fails as support then watch for a possible break into the next two uptrending Gann angles at 2565.50 and 2549.00. The latter is the last potential support angle before the 2532.50 main bottom.
If the early rally continues then look for a move into the steep downtrending Gann angle at 2663.25 and an uptrending Gann angle at 2664.50. These angles form a potential resistance cluster. Once again look for sellers on the first test of this area.
Overcoming the angle at 2664.50 could trigger an acceleration into a series of retracement levels at 2696.75, 2708.00 and 2722.75.