E-mini S&P 500 Index (ES) Futures Technical Analysis – April 15, 2019 Forecast
June E-mini S&P 500 Index futures are trading slightly lower shortly before the cash market opening. Mixed earnings reports from Goldman Sachs and Citigroup seem to be weighing on investor sentiment.
On the bullish side, investment bank Goldman Sachs reported quarterly profit of $5.71 per share, beating the consensus estimate of $4.89. Revenue fell short of forecasts, however. Citigroup reported mixed first-quarter results on Monday as its earnings were boosted by share buybacks while revenue fell amid a sharp decline in equities trading.
At 12:21 GMT, June E-mini S&P 500 Index futures are trading 2911.75, down 0.75 or -0.03%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 2914.75 will signal a resumption of the uptrend. The main trend will change to down on a move through 2726.50.
The minor trend is also up. A trade through 2877.25 will change the minor trend to down. This will also shift momentum to the downside.
The nearest major upside target is the all-time high at 2961.25.
The short-term range is 2789.50 to 2914.75. If the minor trend changes to down then its retracement zone at 2852.00 to 2837.25 will become the primary downside target.
Major retracement zone support is 2820.50 to 2798.50.
Daily Technical Forecast
Based on the early price action, the direction of the June E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 2909.50.
A sustained move over 2909.50 will indicate the presence of buyers. Taking out last week’s high at 2914.75 and the uptrending Gann angle at 2919.00 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next target angle coming in at 2934.50. Overtaking this angle will put the index in an extremely bullish position.
A sustained move under 2909.50 will signal the presence of sellers. The daily chart is open to the downside under this angle so don’t be surprised by an acceleration into the minor bottom at 2877.25.
Taking out 2877.25 will change the minor trend to down. This could also trigger an acceleration into a support cluster at 2852.00 to 2849.50.