E-mini S&P 500 Index (ES) Futures Technical Analysis – April 30, 2018 Forecast

Increased demand for higher risk assets is helping to support higher June E-mini S&P 500 Index futures shortly before the cash market opening. Traders are also optimistic about earnings. An easing of tensions over North Korea and the potential trade war between the U.S. and China is also being deemed as supportive. Investors seem to have absorbed the surge in 10-year U.S. Treasury yields.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. Today’s higher-high has helped confirm the new main bottom at 2611.25. This is a new secondary higher bottom.

A trade through 2718.50 will reaffirm the uptrend. A move through 2611.25 will change the main trend to down.

The main range is 2807.25 to 2552.00. Its 50% level or pivot at 2679.75 is currently being tested.

The short-term range is 2718.50 to 2611.25. The index is trading on the strong side of its 50% level or pivot.

The intermediate range is 2552.00 to 2718.50. Its retracement zone at 2635.25 to 2615.50 is support.

The major retracement zone at 2708.00 to 2749.25 is the primary upside target. We could see the reemergence of sellers on the first test of this zone.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the 50% level at 2679.75.

Taking out 2679.75 and sustaining the move will signal the presence of buyers. If this move generates enough upside momentum, we could see a test of 2708.00 then 2718.50.

A sustained move under 2679.50 will signal the presence of sellers. This could lead to a quick break into 2664.75. This is a potential trigger point for an acceleration into 2635.25.