E-mini S&P 500 Index (ES) Futures Technical Analysis – August 16, 2018 Forecast

September E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. An easing of tensions over the trade dispute between the US and China, and the financial crisis is helping to underpin the index. It’s also getting a boost from a strong Walmart earnings report.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 2803.00 will indicate the selling is getting stronger. A move through 2791.00 will change the trend to down.

The minor trend is down. This is causing the shift in momentum. A trade through 2843.50 will change the minor trend to up and shift momentum to the upside.

The main range is 2791.00 to 2863.75. Its retracement zone at 2827.25 to 2818.75 is support.

The short-term range is 2863.75 to 2803.00. Its retracement zone is 2833.50 to 2840.50. This zone is resistance.

Daily Technical Forecast

The nearest support is a price cluster formed by a pair of 50% levels and a pair of uptrending Gann angles. The zone is 2833.25 to 2827.25. Inside this zone is a pair of angles at 2831.00 and 2829.50.

A sustained move over the downtrending Gann angle at 2835.75 will indicate the presence of buyers. This could trigger a potential breakout into a downtrending Gann angle at 2849.75.

A sustained move under 2827.25 will signal the presence of sellers. This could lead to a retest of the Fib level at 2818.75. This is another trigger point for an acceleration into an uptrending Gann angle at 2811.00.

The index could be choppy inside 2835.75 to 2827.25. We can even extend the zone to 2818.75 to 2840.50.