E-mini S&P 500 Index (ES) Futures Technical Analysis – April 26, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. The market is also getting a boost from a drop in the 10-year Treasury yield and a better-than-expected Durable Goods report. Traders could also be positioning themselves ahead of Friday’s U.S. GDP report.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The market is rebounding nicely after a successful test of the short-term retracement zone. All I see is a normal correction on the chart, no shift in momentum.

The short-term range is 2552.00 to 2718.50. Its retracement zone at 2635.25 to 2615.50 provided the support on Tuesday and Wednesday. Buyers are trying to produce a secondary higher bottom.

The new short-term range is 2718.50 to 2616.00. Its 50% level at 2667.25 is the primary upside target today.

The main range is 2807.25 to 2552.00. Its 50% level at 2679.75 is the next target.

An ever bigger retracement zone comes in at 2708.00 to 2749.25.

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 short-term 50% level at 2635.25.

A sustained move over 2535.25 will give the index an upside bias with targets coming in at 2667.25 and 2679.75.

A sustained move under 2535.25 will give the index a downside bias with targets coming in at 2615.50 and 2616.00.

The trigger point for an acceleration to the downside is 2616.00.