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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

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