E-mini S&P 500 Index (ES) Futures Technical Analysis – April 23, 2019 Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 2911.50.
James Hyerczyk
E-mini S&P 500 Index

The benchmark E-mini S&P 500 Index is expected to open higher based on the pre-market trade. The rally is being fueled by increased demand for higher risk assets due to better-than-expected earnings results from major corporations such as Coca-Cola and United Technologies. Prices could continue to rise throughout the session if momentum picks up as we approach last week’s high and in anticipation of an eventual move to an all-time high.

At 13:15 GMT, June E-mini S&P 500 Index futures are trading 2914.75, up 2.25 or +0.08%.

Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is weak due to last week’s closing price reversal top at 2923.50. A trade through this level will negate the chart pattern and signal a resumption of the uptrend. The main trend will change to down on a trade through 2889.50.

Daily June E-mini S&P 500 Index (Short-Term)

Daily Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index futures contract is likely to be determined by trader reaction to the downtrending Gann angle at 2911.50.

Bullish Scenario

A sustained move over 2911.50 will indicate the presence of buyers. This should lead to a test of the next downtrending Gann angle at 2917.50. This is the last potential resistance angle before the 2923.50 main top.

Taking out 2923.50 will indicate the buying is getting stronger. This is a potential trigger point for an acceleration to the upside with the next major target the all-time high at 2961.25.

Bearish Scenario

The inability to overcome and sustain a move over 2917.50 will be the first sign of sellers. Taking out 2911.50 will indicate the selling is getting stronger. This could lead to a test of a short-term uptrending Gann angle at 2905.50. This is followed by a test of 2899.50 to 2897.50.

Crossing to the weak side of 2897.50 will put the index in a position to accelerate into the main bottom at 2889.50. This is the trigger point for an even steeper decline into a major uptrending Gann angle at 2869.50.

Essentially, look for the upside bias to continue on a sustained move over 2917.50 and for a downside bias to develop on a sustained move under 2911.50.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US