E-mini S&P 500 Index (ES) Futures Technical Analysis – April 12, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade after President Donald Trump clarified his position on a possible missile attack in Syria.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, but the current consolidation suggests a bias to the upside. A trade through 2679.95 will change the main trend to up. A move through 2552.00 will signal a resumption of the downtrend.

The minor trend is up. This is helping to provide the upside momentum. A trade through 2584.50 will change the minor trend to down. This is followed by additional minor bottoms at 2559.50 and 2552.00.

A trade through 2672.25 will signal a resumption of the minor trend, followed by 2679.75.

On the downside, support is a long-term Fibonacci level at 2637.50. The short-term retracement zone at 2612.00 to 2598.00 is the primary downside target.

The first two upside targets are 2670.00 and 2679.75. The next two targets are 2708.00 and 2749.25.

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 main Fibonacci level at 2637.50.

A sustained move over 2637.50 will indicate the presence of buyers. This could drive the index into a series of potential resistance levels at 2670.00, 2672.25 and 2679.75.

The most important number on the daily chart is 2679.75. This is the trigger point for an acceleration to the upside.

A sustained move under 2637.50 will signal the presence of sellers. This could trigger a steep break into the short-term retracement zone at 2612.00 to 2598.00.

Aggressive counter-trend buyers may come in on a test of the short-term retracement zone. We could see a steep break to 2552.00, however, if 2598.00 fails as support.