FXEMPIRE
All

E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Bullish Side of Major Retracement Zone at 2755.25 to 2713.75

Based on last week’s price action and close at 2803.25, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to a pair of Gann angles at 2793.00 and 2789.25. Basically, there is plenty of room to the upside with resistance staggered if buyers can sustain the rally over 2793.00 this week. Falling back under 2755.25 will be the first sign of a shift in momentum to down.
James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

E-mini S&P 500 Index futures finished higher last week as investors shrugged off concerns over the escalating trade tensions between the United states and China and decided to focus on second-quarter earnings and revenue reports as well as U.S. economic data.

September E-mini S&P 500 Index futures settled the week at 2803.25, up 40.25 or +1.46%.

Weekly September E-mini S&P 500 Index

Weekly Technical Analysis

The main trend is up according to the weekly swing chart. The uptrend was reaffirmed last week when buyers drove the index through the last swing top at 2796.00. The next upside target is the next swing top at 2814.00. This is the last main top before the 2889.00 contract high.

The swing bottom is 2693.25. A trade through this level will change the main trend to down.

The main range is 2889.00 to 2538.75. The market is currently trading on the strong side of its retracement zone at 2775.25 to 2713.75, helping to support the upside bias.

Weekly Technical Forecast

Based on last week’s price action and close at 2803.25, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to a pair of Gann angles at 2793.00 and 2789.25.

A sustained move over 2793.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for buyers to challenge the main top at 2814.00. Taking out this level will signal a resumption of the uptrend with the next target angle coming in at 2841.00. This is followed by another downtrending Gann angle at 2865.00. This is the last potential resistance angle before the 2889.00 main top.

A sustained move under 2789.25 will signal the presence of sellers. This could trigger a steep break into the major Fibonacci level at 2755.25, followed by Gann angles at 2741.25, 2722.25, 2717.25 and the major 50% level at 2713.25. These are the last lines of defense before the 2693.25 main bottom.

Basically, there is plenty of room to the upside with resistance staggered if buyers can sustain the rally over 2793.00 this week. Falling back under 2755.25 will be the first sign of a shift in momentum to down.E-mini S&P 500 Index (ES) Futures Technical Analysis – Closed on Bullish Side of Major Retracement Zone at 2755.25 to 2713.75

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US