E-mini S&P 500 Index (ES) Futures Technical Analysis – April 16, 2019 Forecast

June E-mini S&P 500 Index futures are trading higher shortly after the cash market opening on the back of stronger-than-expected earnings from UnitedHealth and Johnson & Johnson. However, weakness in shares of Bank of America may be weighing on gains. After the closing bell, investors will get the opportunity to react to an earnings report from technology giant IBM.

At 13:56 GMT, June E-mini S&P 500 Index futures are trading 2916.50, up 7.00 or +0.24%. This is down from an intraday high of 2921.25.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out yesterday’s high. The next major upside target is the all-time high at 2961.25.

The main trend will change to down on a move through 2789.50. This is highly unlikely, but the index is inside the window of time for a closing price reversal top. Furthermore, there is room to the downside for a normal 50% to 61.8% correction.

The short-term range is 2789.50 to 2921.25. If there is a correction, the next downside target zone comes in at 2855.75 to 2839.75.

Daily Technical Forecast

Based on the earlier price action, the direction of the June E-mini S&P 500 index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 2917.50.

Bullish Scenario

A sustained move over 2917.50 will indicate the presence of buyers. The first target angle comes in at 2927.00. Overcoming this angle will indicate the buying is getting stronger. This could trigger a rally into the next uptrending Gann angle at 2942.50. Crossing to the strong side of this angle will put the market in an extremely bullish position.

Bearish Scenario

A sustained move under 2917.50 will signal the presence of sellers. It this generates enough downside momentum then look for the selling to extend into the minor bottom at 2877.25.

Taking out 2877.25 will change the minor trend to down. This will also shift momentum to the downside.