E-mini S&P 500 Index (ES) Futures Technical Analysis – April 18, 2018 Forecast

June E-mini S&P 500 Index futures are called higher based on the pre-market trade. An easing of geopolitical tensions and robust earnings results are behind the rally.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The same chart indicates there is room to run with the next main top coming in at 2807.25. A trade back below the previous main top at 2679.75 will be the first sign of weakness.

Today, the session starts with the index in the window of time for a potentially bearish closing price reversal top. Traders following this pattern will focus on yesterday’s close at 2681.75.

The main range is 2807.25 to 2552.00. Its 50% level or pivot is 2679.75. The market is currently trading on the strong side of this level.

The major upside target is a retracement zone at 2708.00 to 2749.25.

The running short-term range is 2552.00 to 2698.50. Its retracement zone at 2625.25 to 2608.00 is the primary downside target and the next potential support area.

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 support cluster at 2679.75.

A sustained move over 2679.75 will indicate the presence of buyers. This could generate the upside momentum needed to overtake 2708.00. This is a potential trigger point for an acceleration to 2749.25 over the near-term.

A sustained move under 2679.75 will indicate the return of sellers. This could fuel the start of a correction that eventually will lead to a test of 2625.25 to 2608.00.