E-mini S&P 500 Index (ES) Futures Technical Analysis – June 28, 2016 Forecast

The September E-mini S&P 500 Index is rebounding early Tuesday after trading down to 1981.50, its lowest level since March 11, on Monday.

The main trend is down according to the daily swing chart, however, the inability to take out yesterday’s low and the subsequent rally indicates a possible shift in momentum to the upside.

The main range is 1787.50 to 2119.50. Its retracement zone at 1953.50 to 1914.25 remains the primary downside target.

Also providing support is a long-term uptrending angle at 1977.50.

If a short-term range forms between 2119.50 and 1981.50 then we could see a recovery rally into its retracement zone at 2050.50 to 2066.75. Since the main trend is down, sellers are likely to show up on a test of this area.

Look for an upside bias today as long as we remain over 1977.50. A failure at this angle could send the index into at least 1953.50.