E-mini S&P 500 Index (ES) Futures Technical Analysis – February 12, 2018 Forecast

March E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. The market is still trading in a range but the bias may be shifting to the upside with the formation of a new minor bottom. This could eventually form a secondary higher bottom.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2529.00 will signal a resumption of the downtrend.

There are two minor bottoms at 2529.00 and 2530.25. 2529.00 is also a closing price reversal bottom.

The minor top is 2726.75. Taking out this top will change the minor trend to up.

The main range is 2878.50 to 2529.00. Its retracement zone at 2703.75 to 2745.00 is the primary upside target.

The intermediate range is 2529.00 to 2726.75. Its retracement zone is 2627.75 to 2604.50. This zone is acting like support today.

The short-term range is 2726.75 to 2530.25. Its retracement zone at 2627.50 to 2651.50 is currently being tested. It is controlling the direction of the index today.

Daily Technical Forecast

Based on the early price action, the direction of the index today will be determined by trader reaction to the short-term Fibonacci level at 2651.50.

A sustained move over 2651.50 could trigger an acceleration to the upside with 2703.75 the first target, followed by a downtrending Gann angle at 2718.50.

A sustained move under 2651.50 will signal the presence of sellers. This could lead to possible breaks into 2628.00 then 2604.50.

Taking out 2604.50 could trigger an acceleration to the downside with 2530.25 and 2529.00 potential downside targets.