E-mini S&P 500 Index (ES) Futures Technical Analysis – April 2, 2019 Forecast

June E-mini S&P 500 Index futures are edging higher shortly before the cash market opening on Tuesday. Earlier in the session, buyers took out yesterday’s high at 2873.50 by just one tick before weakening. This could be an indication of strong sellers or weak buyers. Traders are showing little response to the weaker-than-expected Durable Goods report and an earnings miss by Walgreen’s.

At 13:13 GMT, June E-mini S&P 500 Index futures are trading 2871.75, up 1.25 or +0.03%.

Daily Technical Analysis

The main trend is up. It was reaffirmed earlier in the session when buyers took out 2873.50, but there was very little follow-through. Taking out today’s intraday high at 2873.75 will signal a resumption of the uptrend.

A trade through 2789.50 will change the main trend to down. However, investors should be more concerned about a closing price reversal top.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to yesterday’s close at 2870.50.

Bullish Scenario

A sustained move over 2870.50 will indicate the presence of buyers. The daily chart indicates there is plenty of room to the upside with the next resistance the main top at 2961.25.

Bearish Scenario

A sustained move under 2870.50 will signal the presence of sellers. This will be the first sign of a closing price reversal top. The chart pattern won’t change the main trend to down, but it could lead to a 2 to 3 day counter-trend break.

The first target is an uptrending Gann angle at 2862.50. If this fails then look for a potential break into a pair of uptrending Gann angles at 2846.25 and 2837.50.