E-mini S&P 500 Index (ES) Futures Technical Analysis – April 11, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. Risk is off today and volatility remains at elevated levels.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, the price action this week can best be described as sideways.

The minor trend is up, but this is not helping the upside momentum.

A trade through 2679.75 will change the main trend to up. A move through 2552.00 will signal a resumption of the downtrend.

A trade through 2672.25 will reaffirm the minor trend. A move through 2584.50 will change the minor trend to down.

The main range is 2883.25 to 2532.50. Its retracement zone at 2708.00 to 2749.35 is the primary upside target and the major resistance.

The intermediate range is 2532.50 to 2807.25. Its retracement zone at 2670.00 to 2637.50 is acting like resistance.

Another range is 2807.25 to 2552.00. Its 50% level or pivot is 2679.75. This level is also resistance.

The short-term range is 2552.00 to 2672.25. Its retracement zone at 2612.00 to 2598.00 is support.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the Fibonacci level at 2637.50.

A sustained move under 2637.50 will indicate the presence of sellers. This could drive the index into 2612.00 to 2598.00. The trigger point for the start of an acceleration to the downside is 2598.00.

A sustained move over 2637.50 will signal the presence of buyers. This could fuel a rally into a resistance cluster at 2670.00 to 2679.75.

The most important number on the chart is 2679.75. It is an exact resistance cluster and a potential trigger point for an upside breakout.