E-mini S&P 500 Index (ES) Futures Technical Analysis – February 13, 2018 Forecast

March E-mini S&P 500 Index futures are called lower based on the pre-market trade. The market is also trading inside yesterday’s range which suggests investor indecision and impending volatility.

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.

The minor trend is also down. The minor trend will change to up on a move through 2726.75.

The main range is 2878.50 to 2529.00. Its retracement zone at 2703.75 to 2745.00 is resistance. This zone stopped the rally last week at 2726.75.

The intermediate range is 2529.00 to 2726.75. Its retracement zone at 2627.75 to 2604.50 is support.

The short-term range is 2726.75 to 2530.25. Its retracement zone at 2627.50 to 2651.50 is currently being tested. Trader reaction to this zone will determine the direction of the market today.

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 short-term Fibonacci level at 2651.50.

A sustained move under 2651.50 will signal the presence of sellers. This could drive the index into 2627.75 then 2604.50.

The trigger point for a possible acceleration to the downside is 2604.50.

A sustained move over 2651.50 will indicate the presence of buyers. This move could create the upside momentum needed to reach a potential resistance cluster at 2702.50 to 2703.75.