E-mini S&P 500 Index (ES) Futures Technical Analysis – August 4, 2017 Forecast

September E-mini S&P 500 Index futures are trading higher shortly before the release of the U.S. Non-Farm Payrolls report and the cash market opening.

The trend is up according to the daily swing chart, however, the market has been rangebound since the formation of the closing price reversal top on July 27.

A trade through 2480.50 will signal a resumption of the uptrend. A move through 2457.00 will confirm the closing price reversal top. This could lead to the start of a 2 to 3 day correction.

The short-term range is 2480.50 to 2457.00. Its 50% level or pivot is 2468.75. This price is controlling the short-term direction of the market. Currently, the market is trading on the strong side of the pivot. This is giving the market an upside bias.

On the downside, the key targets are the low at 2457.00, and an uptrending angle at 2452.25.

The main range is 2402.25 to 2480.50. Its retracement zone at 2441.25 to 2432.00 is the primary downside target.