E-mini S&P 500 Index (ES) Futures Technical Analysis – August 15, 2017 Forecast

September E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. Buyers drove the market higher during the pre-market session as the outlook for a peaceful resolution to the crisis between North Korea and the United States continued to improve.

Technical Analysis

The main trend is up according to the daily swing chart. The market is also trading on the strong side of a short-term retracement zone. This is contributing to the market’s upside bias.

The short-term range is 2488.50 to 2430.25. Its retracement zone is 2466.25 to 2459.25. Treat these levels like support.

The major retracement zone support is 2445.25 to 2435.25.

Forecast

Based on the current price at 2469.25, support is clustered at 2468.50, 2466.50 and 2462.25. Look for a strong market as long as the index holds above the uptrending angle at 2462.25.

If the upside momentum continues then look for a challenge of the downtrending angle at 2478.50. This is also the trigger point for a surge into a pair of downtrending angles at 2483.50 and 2486.00. The latter is the last potential resistance angle before the 2488.50 main top.

A failure to hold 2462.25 will signal the presence of sellers. The daily chart is a little more open to the downside with a potential target at 2459.25 then all the way down to 2446.25.