E-mini S&P 500 Index (ES) Futures Technical Analysis – August 8, 2018 Forecast

September E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. The inside move suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2863.75 will signal a resumption of the uptrend. The main trend will change to down on a trade through 2791.00.

The short-term range is 2791.00 to 2863.75. Its retracement zone at 2827.25 to 2818.75 is the primary downside target.

The main range is 2693.25 to 2863.75. If the main trend changes to down then look for a possible break into its retracement zone at 2771.25 to 2755.25.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2855.00.

A sustained move over 2855.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to extend into 2863.75.

Taking out 2863.75 will signal a resumption of the uptrend. This could trigger an acceleration to the upside with the January 29 top at 2889.00 the next major upside target.

A sustained move under 2855.00 will indicate the presence of sellers. This is a potential trigger point for an acceleration into the short-term 50% level at 2827.25, followed closely by the uptrending Gann angle at 2823.00. This is followed by the short-term Fibonacci level at 2818.75.

The major support is a pair of uptrending Gann angles at 2805.25 and 2799.00.