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E-mini S&P 500 Index (ES) Futures Technical Analysis – April 4, 2019 Forecast

By:
James Hyerczyk
Published: Apr 4, 2019, 13:45 UTC

If the upside momentum is strong enough, then look for buyers to take out 2889.25. This could trigger a breakout into the uptrending Gann angle at $2917.50.

E-mini S&P 500 Index

June E-mini S&P 500 Index futures are expected to open flat based on the pre-market trade. Investors are showing almost no reaction to the on-going trade negotiations between the United States and China.

They also are showing little reaction to the plunge in Weekly Unemployment Claims which hit their lowest level since 1969 in March. The most likely reason for the tight trading range is that most of the major players don’t want to chase the market higher ahead of Friday’s U.S. Non-Farm Payrolls report.

At 13:28 GMT, June E-mini S&P 500 Index futures are trading 2879.50, down 0.75 or -0.03%.

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

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2899.25 will signal a resumption of the uptrend. The main trend will change to down on a move through2789.50.

Daily Technical Forecast

If the upside momentum is strong enough, then look for buyers to take out 2889.25. This could trigger a breakout into the uptrending Gann angle at $2917.50. Crossing to the strong side of this angle will put the index in a bullish position with the September 21, 2018 top at 2961.25 the primary upside target.

If traders decide to take the index lower then look for a potential break into an uptrending Gann angle at 2853.50. Since the main trend is up, look for buyers to come in on the first test of this angle. If it fails, then look for the selling to possibly extend into the next uptrending Gann angle at 2821.50.

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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