E-mini S&P 500 Index (ES) Futures Technical Analysis – April 5, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. The index is following through to the upside after yesterday’s dramatic reversal to the upside.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, but momentum has shifted to the upside. A trade through 2679.75 will change the main trend to up.

The intermediate range is 2532.50 to 2807.25. The market is currently trading inside its retracement zone at 2670.00 to 2637.50. This zone appears to be controlling the direction of the index today.

The short-term range is 2807.25 to 2552.00. Its 50% level or pivot is 2679.75. This price forms a resistance cluster with the main top at the same price.

The main range is 2883.25 to 2532.50. Its retracement zone at 2708.00 to 2749.25 is the primary upside target.

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 Fib level at 2637.50 and the 50% level at 2670.00.

Holding above 2637.50 is indicating the presence of buyers. This is generating the upside momentum needed to challenge the 50% level at 2670.00. Overtaking this level should drive the index into the resistance cluster at 2679.75. This is the most important number on the charts.

Look for selling on the first test of 2679.75, but if it’s taken out with strong volume, look for an acceleration to the upside with 2708.00 the next target.

A sustained move under 2637.50 will likely lead to a retracement of the rally from 2552.00.