E-mini S&P 500 Index (ES) Futures Technical Analysis – April 17, 2019 Forecast

June E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. The benchmark index is being supported by strong GDP data from China, which indicates its economy may have bottomed. This news is generating some upside momentum because it dims concerns over a global recession. Additionally, the market continues to be underpinned by the prospect of a trade deal between the U.S. and China. Prices are also being supported by earnings, which have come out better than expected.

At 12:48 GMT, June E-mini S&P 500 Index futures are trading 2920.25, up 8.50 or +0.28%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2921.25 will signal a resumption of the main trend. A trade through 2789.50 will change the main trend to down.

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.

Due to the prolonged move up in terms of price and time, the market is also inside the window of time for a potentially bearish closing price reversal top.

The short-term range is 2789.50 to 2921.25. Its retracement zone is 2855.25 to 2839.75. The main range is 2726.50 to 2921.25. It retracement zone is 2823.75 to 2801.00. This levels are near-term support.

Daily Technical Forecast

Today’s trading range is inside yesterday’s range. This suggests investor indecision and impending volatility. The simplest way to address this issue is to look for upside momentum to develop on a sustained move over yesterday’s high at 2921.25 and for a downside bias to develop on a sustained move under 2904.50.

Bullish Scenario

Taking out 2921.25 will indicate the presence of buyers. The first target is an uptrending Gann angle at 2925.50. Overtaking this angle will indicate the buying is getting stronger. This should lead to a test of the uptrending Gann angle at 2935.00.

Overtaking 2935.00 could trigger an acceleration into another uptrending Gann angle at 2950.50. Crossing to the strong side of this angle will put the June E-mini S&P 500 Index in a bullish position with 2961.25 the next major target.

Bearish Scenario

The inability to overcome 2921.25 will be the first sign of selling pressure. Taking out 2904.50 will indicate the selling pressure is getting stronger. If downside momentum begins to increase then look for a move toward the minor bottom at 2877.25. Taking out this level will shift momentum to the downside.