E-mini S&P 500 Index (ES) Futures Technical Analysis – February 15, 2018 Forecast

March E-mini S&P 500 Index futures are trading slightly higher shortly after the cash market opening.

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is starting to turn to the upside.

The minor trend is also down. A move through 2726.75 will change the minor trend to up. This move will also shift momentum to the upside.

The main range is 2878.50 to 2529.00. Its retracement zone at 2703.75 to 2745.00 is currently being tested. This zone is controlling the longer-term direction of the index.

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 2628.50 to 2651.75 is also support.

Holding above the short-term and intermediate retracement zones will give the index an upside bias.

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 50% level at 2703.75.

A sustained move over 2703.75 will indicate the presence of buyers. This could create the upside momentum needed to challenge 2726.75, followed closely by 2745.00. This price is a possible trigger point for an acceleration into 2774.50.

A sustained move under 2703.75 will signal the presence of sellers. The first target angle comes in at 2670.50, followed by retracement levels at 2651.75, 2628.50 and 2627.75.