E-mini S&P 500 Index (ES) Futures Technical Analysis – February 22, 2017 Forecast

March E-mini S&P 500 Index futures are called lower shortly before the cash market opening. The market is trading inside yesterday’s range, indicating investor indecision and impending volatility. Lower oil prices may be putting some pressure on prices. Position-squaring ahead of the release of the Fed minutes at 1900 GMT may be the reason for the indecision.

Technical Analysis

The main trend is up according to the daily swing chart. A trade though 2365.00 will signal a resumption of the uptrend. However, investors should note that the index is still in the window of time for a closing price reversal top.

Forecast

Based on the current price at 2356.00, the rally could extend into the nearest uptrending angle at 2371.50. Overtaking this angle will put the index in an extremely bullish position.

The daily chart indicates there is plenty of room to the downside with the nearest support angle target coming in at 2335.50.

There’s not much to analyze today in terms of support levels and resistance targets. This tells me that the current rally is more about momentum and the trend.