E-mini S&P 500 Index (ES) Futures Technical Analysis – January 14, 2019 Forecast

March E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. The market is being pressured by weak trade balance data from China, nervousness ahead of the start of earnings season and increasing concerns over the U.S. government shutdown. Underpinning the index is hope for a trade deal between the United States and China.

At 1415 GMT, March E-mini S&P 500 Index futures are trading 2574.75, down 20.35 or -0.78%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2599.50 will signal a resumption of the uptrend.  The main trend changes to down on a move through 2438.50.

The minor trend is also up. It will turn down on a trade through 2560.50. This will also shift momentum to the downside.

The main range is 2690.50 to 2316.75. Its retracement zone at 2547.50 to 2503.25 is support. Holding above this zone is also helping to generate a slight upside bias.

Daily Technical Forecast

Based on the current price at 2574.75, the nearest resistance is the minor top at 2599.50. This is followed by a downtrending Gann angle at 2606.25. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at 2648.50. This is the last potential resistance angle before the 2690.50 main top.

On the downside, the first target is the Fibonacci level at 2547.50. This is followed by a short-term uptrending Gann angle at 2534.50. The longer-term uptrending Gann angle comes in at 2508.75, followed closely by the main 50% level at 2503.25.

The bias seems to be to the downside so look for a move into support. Since the trend is up, buyers are likely to come in on a test of these levels.