E-mini S&P 500 Index (ES) Futures Technical Analysis – April 6, 2018 Forecast

June E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. The early price action suggests the U.S. Non-Farm Payrolls report, due out at 1230 GMT, will have little impact on the index unless there is a huge miss by the headline number or average hourly wages.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2679.75 will change the main trend to up. This could launch the start of a decent rally since there is room to the upside.

The downtrend will continue if 2552.00 is taken out with 2532.50 the next likely target.

A series of retracement levels is controlling the direction.

On the downside, the support is 2612.00 to 2598.00.

On the upside, the resistance is 2670.00 to 2679.75. The latter is a trigger point for a move into 2708.00 then 2749.25.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index the rest of the session could be determined by trader reaction to 2637.50.

A sustained move under 2637.50 will indicate the presence of sellers. This could lead to a quick break into 2612.00 then 2698.00. The latter is the trigger point for a steep break into 2552.00.

Overcoming and sustaining a move over 2637.50 will signal the presence of buyers. This could launch a rally into 2760.00, 2672.25 and 2679.75.

I think there are big stops over 2679.75. If we can get over that level, it could be off to the races today.