E-mini S&P 500 Index
E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – February 17, 2017 Forecast

6 days agoByJames Hyerczyk

March E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. Yesterday, the index closed lower, breaking its winning streak. This could be an indication of a tired market, but not one that is necessarily in a position to change the trend to down.

Daily March E-mini S&P 500 Index
Daily March E-mini S&P 500 Index

Technical Analysis

The main trend is up according to the daily swing chart. The market is trading inside Wednesday’s range for a second day. This indicates investor indecision and impending volatility. The index is also in the window of time for a potentially bearish closing price reversal top. This will take place following a higher-high and a lower close.

If 2262.25 to 2351.50 becomes the new main range then its retracement zone at 2307.00 to 2296.25 will become the new primary downside target.


Based on the current price at 2304.75, the nearest downside target is an uptrending angle at 2331.50. Since the main trend is up, watch for a technical bounce on the first test of this angle. If it fails as support then we could see an acceleration into the support cluster at 2315.50 o 2314.25.

The nearest upside target is the high at 2351.50. This is followed by an uptrending angle at 2363.50. Overtaking this angle will put the index in an extremely bullish position.

FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
FX Empire may receive compensation from the companies featured on the network.

All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.