E-mini S&P 500 Index (ES) Futures Technical Analysis – April 9, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the pre-market price action. The move is being fueled by increased demand for higher risk after Friday’s steep sell-off.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2672.25 will change the main trend to up. Taking out the next main top at 2679.75 will indicate the buying is getting stronger.

The main trend will change to down on a move through 2552.00 with 2532.50 the next target.

The short-term range is 2552.00 to 2672.25. Its retracement zone at 2612.00 to 2598.00 is the support.

The first level to overcome is the intermediate Fibonacci level at 2637.50. This is followed by a pair of 50% levels at 2670.00 and 2679.75.

The primary upside target is the retracement zone bounded by 2708.00 and 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 2612.00.

A sustained move over 2612.00 will indicate the presence of buyers. This could create the upside momentum needed to challenge 2637.50. Overtaking this level could drive the index into a cluster of numbers at 2670.00, 2672.25 and 2679.75.

A sustained move under 2612.00 will signal the presence of sellers. This could drive the index into the short-term Fib at 2598.00. This price is the trigger point for an acceleration into 2552.00.

The most important price to watch this week is 2679.75. This could be the trigger point for a major upside breakout.