E-mini S&P 500 Index (ES) Futures Technical Analysis – First Weekly Chart Targets are 2860.25 and 2854.25

September E-mini S&P 500 Index futures finished lower last week. The lower-high, lower-low chart pattern helped form a new minor top at 2917.50. This is also the contract high. Momentum may be getting ready to shift to the downside, but the main trend is likely to remain intact. However, it remains vulnerable to a near-term 50% to 61.8% correction.

Weekly Swing Chart Technical Analysis

The main trend is up according to the weekly swing chart. A trade through 2917.50 will signal a resumption of the uptrend.

The index is in no position to change the main trend to down, but it remains vulnerable to a potentially bearish closing price reversal top or a steep correction into a major retracement zone.

The minor trend is up. The minor trend will change to down on a trade through 2803.00. This is followed closely by another minor bottom at 2791.00.

The first minor range is 2803.00 to 2917.50. Its 50% level or pivot at 2860.25 is the first target.

The second minor range is 2791.00 to 2917.50. Its 50% level or pivot at 2854.25 is the next target.

Since the main trend is up, buyers could come in on a test of either level.

The main range is 2693.25 to 2917.50. If the pressure is strong enough then look for the selling pressure to continue into its retracement zone at 2805.25 to 2779.00.

Weekly Swing Chart Technical Forecast

Based on last week’s close at 2874.75, the direction of the September E-mini S&P 500 Index the rest of the week is likely to be determined by trader reaction to the 50% levels at 2860.25 and 2854.25.

A sustained move over 2860.25 will indicate the presence of buyers. If this move is able to create enough upside momentum, then we could see an acceleration to the upside with 2917.50 the next likely upside target.

A sustained move under 2854.25 will signal the presence of sellers. This level is a potential trigger point for an acceleration to the downside with the first major target coming in at 2805.25.

Basically, look for the upside bias to continue on a sustained move over 2860.25, and for a downside bias to begin on a sustained move under 2854.25.