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E-mini S&P 500 Index (ES) Futures Technical Analysis – April 29, 2016 Forecast

By:
James Hyerczyk
Updated: Apr 29, 2016, 12:22 UTC

June E-mini S&P 500 Index futures are trading slightly lower shortly before the cash market opening. The index is also posting an inside move,

E-mini S&P 500 Index (ES) Futures Technical Analysis – April 29, 2016 Forecast

June E-mini S&P 500 Index futures are trading slightly lower shortly before the cash market opening. The index is also posting an inside move, suggesting investor indecision and impending volatility.

Daily June E-mini S&P 500 Index

The main trend is down according to the daily swing chart. It turned down when the swing bottom at 2071.00 was taken out. This action made 2094.25 a new swing top.

The main range is 2012.25 to 2105.25. Its retracement zone is 2058.75 to 2047.75. This zone is the primary downside target.

Based on yesterday’s close at 2072.50 and the early price action, the direction of the market today is likely to be determined by trader reaction to the downtrending angle at 2077.25 and the uptrending angle at 2062.25. Holding between these angles could fuel a choppy, two-sided trade.

A sustained move over the downtrending angle at 2077.25 will indicate the presence of buyers. The daily chart indicates there is plenty of room to the upside with the next target another downtrending angle at 2091.25.

A sustained move under 2062.25 will signal the presence of sellers. This could create enough downside momentum to challenge the main 50% level at 2058.75. This is a potential trigger point for an acceleration to the downside with the next target coming in at 2047.75.

Don’t expect much movement today unless the support or resistance angles are taken out. Look for an upside bias to develop over 2077.25 and a downside bias under 2062.25.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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