E-mini S&P 500 Index (ES) Futures Technical Analysis – April 10, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the early trade. The market is being supported by increased demand for higher risk over optimism that the simmering tension between China and the United States will ease.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2679.75 will change the main trend to up. A move through 2552.00 will signal a resumption of the downtrend.

The minor trend is up. A trade through 2672.25 will reaffirm the minor trend.

On the downside, the key support is a longer-term Fibonacci level at 2597.25.

On the upside, the first resistance is a longer-term 50% level at 2652.00.

The main range is 2807.25 to 2552.00. Its 50% level or pivot comes in at 2679.75. This is also an old main top, making this price an important resistance cluster.

This pivot is followed by another 50% level at 2707.50 and a Fibonacci level at 2749.00.

Daily Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to a 50% level at 2652.00 and a steep downtrending Gann angle at 2655.25.

A sustained move under 2652.00 will indicate the presence of sellers. The daily chart is wide open to the downside so this could lead to a retest of a long-term uptrending Gann angle at 2618.50 and today’s intraday low at 2612.25.

If 2612.25 fails then look for the selling to extend into 2597.25.

Overtaking and sustaining a rally over 2655.25 will signal the presence of buyers. This could fuel a spike through 2672.25 and into the major resistance cluster at 2679.75.

I am looking for an explosive move over 2679.75 with 2707.50 the next major target.