E-mini S&P 500 Index (ES) Futures Technical Analysis – August 8, 2017 Forecast

September E-mini S&P 500 Index futures are called lower shortly before the cash market opening. There was no follow-through to the upside following yesterday’s relatively strong performance. Today’s early inside day suggests investor indecision and impending volatility.

The main trend is up according to the daily swing chart, but one can read momentum either way. Since forming an outside move reversal down on July 27, the market has been drifting inside its wide range.

The short-term range is 2480.50 to 2457.00. Its 50% level or pivot is 2468.75. Technically, holding above this level is helping with the upside bias. A break below it will indicate the selling pressure is getting stronger.

Taking out 2480.50 will signal a resumption of the uptrend.

A sustained move under 2468.75 could encourage further selling into 2457.00. This is followed closely by an uptrending angle at 2456.25.

The angle is very important to the structure of the chart pattern. We could see a technical bounce on the first test of this angle. If it fails and selling volume increases, we could see a plunge into the main 50% level at 2441.25.

There are plenty of trigger points for accelerations, but they are likely to fail if volume isn’t behind the move. Be careful selling weakness and buying strength unless you have volume on your side. Otherwise, you could get caught in a bull or bear trap.