E-mini S&P 500 Index (ES) Futures Technical Analysis – December 13, 2017 Forecast

March E-mini S&P 500 Index futures are expected to open nearly flat based on the pre-market trade. Volume is expected to be on the light side with the major players stepping aside ahead of the Fed’s interest rate announcement and monetary policy statement at 1900 GMT.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2673.00 will re-establish the uptrend. There is no resistance, but the market is in the window of time for a potentially bearish closing price reversal top.

The short-term range is 2622.50 to 2673.00. Its retracement zone at 2647.75 to 2641.75 is the primary downside target. Since the trend is up, we could see a technical bounce on the first test of this zone.

The main trend will change to down on a move through 2622.50. This is followed by an even bigger retracement zone at 2614.75 to 2601.00.

Daily Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the steep uptrending Gann angle at 2662.50.

A sustained move over 2662.50 will indicate the presence of buyers. This could generate the upside momentum needed to take out 2673.00.

A sustained move under 2662.50 will signal the presence of sellers. This could trigger an acceleration into 2647.75, followed by 2642.50 and 2641.75.