E-mini S&P 500 Index (ES) Futures Technical Analysis – December 18, 2017 Forecast

March E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. During the early session, the index posted a new record high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend could be interrupted by a closing price reversal top. This makes Friday’s close at 2682.00 a key level to watch today. A close under this level will tell us that the selling is greater than the buying at current price levels.

Daily Technical Forecast

The index is expected to open on the strong side of a steep short-term uptrending Gann angle at 2683.75 and a steep long-term uptrending Gann angle at 2686.50. Holding above these angles will indicate the presence of buyers.

The first sign of weakness will be a break under 2686.50, but taking out 2683.75 with conviction could trigger the start of an acceleration to the downside. The first target will be Friday’s close at 2682.00. If this level is taken out with rising volume, we could see an eventual move into the next uptrending Gann angle at 2667.75.