E-mini S&P 500 Index (ES) Futures Technical Analysis – April 24, 2017 Forecast

June E-mini S&P 500 Index futures are called higher based on the pre-market trade. Today will be all about whether the upside momentum fueled by the gap higher opening will continue.

Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up earlier in the session when the main top at 2375.00 was taken out.

If the momentum continues over 2375.00 then the next targets are the main tops at 2388.75 and 2397.25.

The main range is 2397.25 to 2317.75. Its retracement zone is 2357.50 to 2367.00. The index is trading on the strong side of this zone, helping to give the index an upside bias.

Forecast

Based on the current price at 2373.75, the first upside objective is a downtrending angle at 2378.75. This angle is a possible trigger point for an acceleration into a resistance cluster at 2388.00 to 2388.75. Overtaking this area could fuel an even stronger rally into the major top at 2397.25.

The inability to overcome the angle at 2378.75 and a break back under an old top at 2375.00 will signal the presence of sellers. This could generate the downside momentum needed to challenge the Fibonacci level at 2367.00 and a steep uptrending angle at 2362.75.

If 2362.75 fails as support then look for the move to continue into 2357.50.

Look for a strong upside bias the rest of the day on a sustained move over 2378.75 and for a slight intraday downside bias to develop on a sustained move under 2375.00.