E-mini S&P 500 Index (ES) Futures Technical Analysis – Early Trade Shows Investors Respecting Pivot at 2821.00

September E-mini S&P 500 Index futures are trading nearly flat early Wednesday following the release of a blow-out earnings report from Apple after yesterday’s close. Traders now await the release of the Fed’s monetary policy statement at 1800 GMT.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2849.50 will signal a resumption of the uptrend. A move through 2792.50 will change the main trend to down.

The minor trend is also up. A trade through 2798.25 will change the minor trend to down. This will also shift momentum to the downside and put the index in a position to challenge the main bottom.

The short-term range is 2792.50 to 2849.50. Its 50% level or pivot at 2821.00 is providing resistance. It’s also controlling the near-term direction of the index.

The main range is 2693.25 to 2849.50. If the main trend changes to down then look for a test of its retracement zone at 2771.25 to 2755.25. Even with the trend down, a trade into this zone could attract buyers because it represents value.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the pivot at 2821.00.

A sustained move over 2821.00 will indicate the presence of buyers. If this move attracts enough buyers, we could see a surge into 2849.50 over the near-term.

A sustained move under 2821.00 will signal the presence of sellers. If this move creates enough downside pressure then look for a trade back to 2798.25. Taking out this level will be a warning sign that the selling pressure is getting stronger. This could lead to a change in the main trend on a move through 2792.50.

If prices accelerate to the downside under 2792.50 because of sell stops then look for the weakness to extend into 2771.25 to 2755.25.