E-mini S&P 500 Index (ES) Futures Technical Analysis – December 26, 2017 Forecast

March E-mini S&P 500 Index futures are trading slightly lower shortly before the cash market opening. Volume is expected to be light today due to the absence of the major players. They aren’t likely to return until after the first of the year. Due to thin volume, we could see some volatility as some investors try to take advantage of the situation.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, upside momentum appears to be getting ready to shift to the downside. A trade through 2698.00 will signal a resumption of the uptrend. The main trend will change to down on a trade through 2651.75.

The short-term range is 2651.75 to 2698.00. Its retracement zone at 2674.75 to 2669.50 is the primary downside target. Since the main trend is up, buyers may show up on the initial test of this zone.

Daily Technical Forecast

Based on the early price action, the first downside target today is an uptrending Gann angle at 2707.75. Watch for a technical bounce on the first test of this angle. If it fails then look for sellers to push the index into a support cluster at 2674.75 to 2674.50.

The long-term uptrending Gann angle at 2674.50 is the trigger point for a possible break into another long-term uptrending Gann angle at 2664.50.

If buyers come in to support the market then look for an upward grind with targets scattered at 2691.50, 2696.00, and 2698.00.