E-mini S&P 500 Index (ES) Futures Technical Analysis – GDP Report Should Set the Tone

Today’s direction will be determined by trader momentum in response to the GDP report. If an upside momentum develops then look for the rally to possibly extend into 2816.25 then 2844.00.If a downside bias re-emerges then look for the selling to possibly extend into 2766.25, followed by 2726.50 and 2716.00.
James Hyerczyk
E-mini S&P 500 Index

June E-mini S&P 500 Index futures are edging higher early Thursday. The price action is likely being driven by light short-covering and position-squaring ahead of the release of the U.S. Gross Domestic Product report at 12:30 GMT on Thursday. Treasury yields are up in the early trade, crude oil is higher and the Dollar/Yen is recovering. This are all potential indicators that the worst of the selling may be lower, at least temporarily.

At 04:48 GMT, June E-mini S&P 500 Index futures are trading 2786.00, up 6.00 or +0.22%.

Daily June E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2766.25 will signal a resumption of the downtrend. This could drive the index into the next main bottom at 2726.50. Taking out this bottom will reaffirm the downtrend.

The main trend will change to up on a trade through 2894.00. This is highly unlikely, but the index is down nine sessions from its last main top, putting it in a position to form a potentially bullish closing price reversal bottom.

The short-term range is 2726.50 to 2961.25. Its retracement zone at 2816.25 to 2844.00 is resistance.

The main range is 2319.25 to 2961.25. Its retracement zone comes in at 2716.00 to 2640.25 and 2640.25 to 2564.50. This makes the 50% level at 2640.25 the primary downside target.

Daily Swing Chart Technical Forecast

Today’s direction will be determined by trader momentum in response to the GDP report.

If an upside momentum develops then look for the rally to possibly extend into 2816.25 then 2844.00.

If a downside bias re-emerges then look for the selling to possibly extend into 2766.25, followed by 2726.50 and 2716.00.

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