E-mini S&P 500 Index (ES) Futures Technical Analysis – December 11, 2017 Forecast

March E-mini S&P 500 Index futures are called steady after giving up all of its earlier gains in reaction to an explosion in New York. There aren’t any major economic reports so the price action may be driven by this news event.

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.

The short-term range is 2667.25 to 2622.50. Its retracement zone is 2650.00 to 2644.75. Trading on the strong side of this zone is helping to give the market an upside bias.

Daily Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the downtrending angle at 2657.25.

A sustained move under 2657.25 will indicate the presence of sellers. This could trigger a labored break with potential support levels at 2650.00, 2646.50 and 2644.75. Taking out 2644.75 with conviction could trigger an acceleration into the next uptrending angle at 2634.50. This is the last potential support angle before the 2622.50 main bottom.

Overtaking 2657.25 will signal the presence of buyers. This could trigger a rally into the next downtrending angle at 2662.25. This is the last potential resistance angle before the 2667.25 main top.