E-mini S&P 500 Index (ES) Futures Technical Analysis – February 20, 2019 Forecast

March E-mini S&P 500 Index futures are expected to open flat. Traders are being cautious today ahead of the release of the U.S. Federal Reserve Monetary Policy Meeting Minutes. Look for the index to rally if the Fed is dovish. Of particular interest for investors will be Fed commentary on its plan to reduce its balance sheet. The lack of fresh news regarding U.S.-China trade relations is also keeping some investors on the sidelines.

At 14:11 GMT, March E-mini S&P 500 Index futures are trading 2778.50, down 0.25 or -0.00%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2787.50 will signal a resumption of the uptrend. The main trend will change to down on a trade through 2729.00.

The major support is the Fibonacci level at 2711.50.

Daily Technical Forecast

The bias is neutral shortly before the opening.

If buyers take control then they may take a run at a steep uptrending Gann angle at 2792.75. Overtaking this level will put the index in an extremely strong position with the next target the December 3 main top at 2819.00.

If sellers take over then look for a pullback into the uptrending Gann angle at 2761.00. Look for a technical bounce on the first test of this angle. If it fails then look for a potential break into a series of Gann angles at 2745.00, 2737.00 and 2436.75.

A failure to hold 2436.75 should trigger a break into the main bottom at 2729.00. Taking out this level will change the main trend to down.