E-mini S&P 500 Index (ES) Futures Technical Analysis – April 13, 2018 Forecast

June E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. The upside momentum is being fueled by upbeat earnings and an easing of tensions over an escalation of military activity in Syria and the potential trade war with China.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending lower since the formation of the last main bottom at 2552.00 on April 2.

A trade through 2679.75 will change the main trend to up.

The first resistance is a 50% level at 2679.75. The second resistance is a 50% level at 2708.00, followed by a Fibonacci level at 2749.25.

The new short-term range is 2552.00 to 2677.00, its retracement zone at 2614.50 to 2599.75 is a potential downside target if there is a sell-off from current price levels.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index today will be determined by trader reaction to a resistance cluster at 2679.75.

A sustained move over 2679.75 will indicate the presence of buyers. This could trigger an acceleration to the upside with 2708.00 the next major target. This price is another trigger point for an acceleration to 2749.25.

The inability to overcome 2679.75 will signal the presence of sellers. This could signal the start of a near-term correction with 2614.50 the first downside target.