E-mini S&P 500 Index (ES) Futures Technical Analysis – August 13, 2018 Forecast

September E-mini S&P 500 Index

futures are called flat shortly before the cash market opening. However, this is a little deceptive since the index has actually clawed back nearly all of its earlier loss. This suggests that buyers may be coming in ahead of the start of the cash market session.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2863.75 will signal a resumption of the uptrend. A move through 2791.00 will change the main trend to down.

The short-term range is 2791.00 to 2863.75. Its retracement zone at 2827.25 to 2818.75 provided supported earlier in the session.

The main range is 2693.25 to 2863.75. If sellers can take out the short-term retracement zone then the next target will be the main retracement zone at 2778.50 to 2758.25.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the long-term uptrending Gann angle at 2817.25.

A sustained move over 2817.25 will indicate the presence of buyers. Slightly above this important Gann angle is the short-term retracement zone at 2827.25 to 2818.75. All three points helped put in the intraday bottom at 2820.50 during the pre-market session.

If the index can turn positive then look for the rally to extend into a pair of downtrending Gann angles at 2847.75 and 2855.75. The angle at 2847.75 is most important. It has been guiding the index lower for four days. The angle at 2855.75 is the last potential resistance angle before the 2863.75 main top.

Taking out 2817.25 with conviction will indicate the selling pressure is increasing. The daily chart indicates there is plenty of room to the downside with the next targets the main bottom at 2791.00 and the main 50% level at 2778.50.