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E-mini S&P 500 Index (ES) Futures Technical Analysis – April 21, 2017 Forecast

By:
James Hyerczyk
Published: Apr 21, 2017, 12:36 UTC

June E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. The index did not follow-through to the upside

E-mini S&P 500 Index

June E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. The index did not follow-through to the upside after yesterday’s sharp rally. The inside move suggests investors are waiting for news. It also suggests impending volatility.

E-mini S&P 500 Index
Daily June E-mini S&P 500 Index

Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher.

The main range is 2317.75 to 2375.00. Its retracement zone is 2346.25 to 2339.50. Trading over this zone is helping to give the market an upside bias. These two prices are new support.

The short-term range is 2375.00 to 2322.75. Its retracement zone is 2348.75 to 2355.00. This zone is currently being tested. A sustained move over this zone will also give the index and upside bias and indicate that the buying is getting stronger.

Forecast

Based on the current price at 2354.75 and the earlier price action, the direction of the index today is going to be determined by trader reaction to the uptrending angle at 2353.75 and the downtrending angle at 2353.00.

A sustained move over 2353.75 will indicate the presence of buyers. This is followed by the Fibonacci level at 2355.00. This price is the trigger point for an acceleration to the upside with the angle at 2364.00 the next target. Overtaking this angle could trigger a breakout into the next downtrending angle at 2369.50. This is the last potential resistance angle before the 2375.00 main top.

A sustained move under 2353.00 will signal the presence of sellers. This could drive the market into the pair of 50% levels at 2348.75 and 2346.25.

If 2346.25 fails as support then we could see a steep break into 2339.50, followed by 2335.75.

Look for an upside bias to develop today on a sustained move over 2355.00 and for a downside bias to develop on a sustained move under 2353.00.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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