E-mini S&P 500 Index (ES) Futures Technical Analysis – August 7, 2017 Forecast

September E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. Prices are retreating from their earlier highs.

The main trend is up according to the daily swing chart, however, momentum has been sideways since the top was reached on July 27.

The short-term range is 2480.50 to 2457.00. Its 50% level or pivot is 2468.75. This price is controlling the direction of the market. Currently, the market is trading above this level so we may start the regular session with an upside bias.

A sustained move over 2468.75 will indicate the presence of buyer. If the buying volume increases then we could see a spike into 2480.50.

A sustained move under 2468.75 will signal the presence of sellers. The daily chart is wide open to the downside. If selling volume increases on the move then sellers may take a short at 2457.00. This low is followed closely by an uptrending angle at 2454.25.

We could see a technical bounce on the first test of 2454.25. If it fails then don’t be surprised by an acceleration into the next target at 2441.25.