E-mini S&P 500 Index (ES) Futures Technical Analysis – December 08, 2017 Forecas

March E-mini S&P 500 Index futures are called higher shortly before the cash market opening. Traders are reacting to a bullish November jobs report that showed better-than-expected growth.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2667.25 will signal a resumption of the uptrend. A move through 2622.50 will change the main trend to down with the next target the major retracement zone at 2606.25.

The short-term range is 2667.25 to 2622.50. Its retracement zone is 2650.25 to 2644.75. This zone is controlling the short-term direction of the index.

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session will be determined by trader reaction to the Fibonacci level at 2650.25.

A sustained move over 2650.25 will indicate the presence of buyers. Taking out the downtrending angle at 2651.25 will indicate the buying is getting stronger. This could generate the upside momentum needed to challenge a pair of downtrending Gann angles at 2659.25 and 2663.25. The latter is the last potential resistance angle before the 2667.25 main top.

The inability to overcome 2650.25 will signal the presence of sellers. This could lead to a test of the 50% level at 2644.75.

A move through 2644.75 will indicate the selling is getting stronger with the first target angle coming in at 2638.50. The next uptrending angle comes in at 2630.50. This is the last potential support angle before the 2622.50 main bottom.

If 2622.50 fails the trend will change to down with the next target a long-term uptrending Gann angle at 2620.50.