E-mini S&P 500 Index (ES) Futures Technical Analysis – February 28, 2017 Forecast

March E-mini S&P 500 Index futures are called lower shortly before the cash market opening. During the pre-market session, the index posted an inside move that indicates trader indecision and impending volatility.

The main trend is up according to the daily swing chart. A trade through 2370.75 will signal a resumption of the uptrend.

The minor trend is up according to the daily swing chart. A move through 2349.50 will change the minor trend to down.

Based on the current price at 2365.75, the direction of the index today is likely to be determined by trader reaction to the steep uptrending angle at 2365.50.

A sustained move over 2365.50 will signal the presence of buyers with 2370.75 the first upside target.

A failure at 2365.50 will indicate the presence of sellers. This could trigger a break into the short-term pivot at 2360.00. This is followed closely by the uptrending angle at 2357.50. This is the last potential support angle before the 2349.50 main bottom.

If 2349.50 is taken out then look for a possible acceleration into the longer-term uptrending angle at 2388.50.

Watch the price action and read the order flow at 2365.50. Trader reaction to this angle will tell us if the bulls or the bears are in control.