E-mini S&P 500 Index (ES) Futures Technical Analysis – August 24, 2017 Forecast

September E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. Traders are ignoring the political concerns and focusing on the central bankers’ symposium at Jackson Hole.

Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trying to shift to the upside. A trade through 2474.00 will change the main trend to up. A move through 2415.75 will signal a resumption of the downtrend.

The index has been bouncing between retracement levels this week.

On the downside, the major support zone is 2415.00 to 2397.75.

The short-term range is 2415.75 to 2454.75. Its retracement zone at 2435.25 to 2430.50 provided support earlier today.

The intermediate range is 2474.00 to 2415.75. Trading on the strong side of its 50% level at 2445.00 will give the index an upside bias.

The main range is 2488.50 to 2415.75. Its retracement zone at 2452.25 to 2460.75 is the primary upside target. This zone stopped the rally on Wednesday.

Forecast

Look for a bullish tone on a sustained move over 2445.00. This could lead to a labored rally with 2452.25, 2454.75 and 2460.75 the next targets.

The trigger point for an acceleration to the upside is 2460.75. This is followed by 2474.00.

A sustained move under 2444.75 will signal the presence of sellers. This could trigger a retest of 2435.25 to 2430.50. The latter is the trigger point for an acceleration into 2415.75.