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

September E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. The main trend is up according to the daily swing chart. However, momentum has been mostly sideways to lower since July 14.

A trade through 2172.50 will signal a resumption of the uptrend. A move through 2152.00 will indicate that selling pressure is emerging.

The short-term range is 2172.50 to 2152.00. Its pivot or 50% level at 2162.25 is controlling the short-term direction of the market. Based on yesterday’s close and the early price action, this looks to be a valid conclusion.

A sustained move over 2162.25 will indicate the presence of buyers, however there is still a wall of resistance standing in the way of a rally. These prices are layered at 2164.50, 2165.50, 2168.50 and 2170.50.

The angle at 2170.50 is the last potential resistance angle before the 2172.50 main top. This is the trigger point for an acceleration to the upside.

A sustained move under 2162.25 will signal the presence of sellers. The daily chart is open to the downside with 2152.00 the next potential target.

The low at 2152.00 is a potential trigger point for an acceleration to the downside with the next major target angle coming in at 2129.75.

Look for a downside bias on a sustained move under 2162.25. An upside bias is likely to develop on a sustained move over 2170.50.