E-mini S&P 500 Index (ES) Futures Technical Analysis – Hovering Under All-Time High at 3023.50

September E-mini S&P 500 Index futures closed higher on Wednesday with the benchmark cash index hitting a new all-time high. The futures market finished just slightly below its record high. The rally was primarily supported by a surge in chip stocks, which drove up the technology sector of the index.

On Wednesday, September E-mini S&P 500 Index futures settled at 3021.50, up 13.50 or +0.45%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3023.50 will signal a resumption of the uptrend. The main trend will change to down on a trade through 2969.50.

There is no resistance over 3023.50, but investors should watch for signs of selling pressure like a closing price reversal top.

The short-term range is 3023.50 to 2969.50. Its 50% level or pivot at 2993.50 is support. Holding above this level will help support the upside bias.

The intermediate range is 2871.50 to 3023.50. If the trend changes to down then look for a break into its retracement zone at 2947.50 to 2929.50.

The main range is 2732.25 to 3023.50. Its retracement zone at 2877.75 to 2843.50 is controlling the longer-term direction of the index.

Daily Swing Chart Technical Forecast

Two factors come into play today. The first is momentum, and the second is investor willingness to buy strength at current price levels. Both will be necessary to drive the market through 3023.50 convincingly. The biggest fear for longs will be the closing price reversal top. No one wants to get caught on the wrong side of the market after buying the all-time high.