E-mini S&P 500 Index (ES) Futures Technical Analysis – January 18, 2018 Forecast

March E-mini S&P 500 Index futures are trading nearly flat during the pre-market session. Volume is below average and the range is tight. Trader indecision appears to be behind the price action.

Traders could be on edge, as concerns over a possible government shutdown weighs on sentiment.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade over 2809.50 will signal a resumption of the uptrend. A move under 2736.50 will change the main trend to down.

The short-term range is 2736.50 to 2809.50. Its retracement zone at 2773.00 to 2764.25 is the first downside target. Since the main trend is up, buyers are likely to show up on a test of this zone like they did on Tuesday.

Daily Technical Forecast

Based on the early price action, the key uptrending Gann angle to watch is at 2816.50. This angle is moving up 16 points per day from the 2736.50 main bottom. The market has been straddling this angle since January 10.

Crossing to the strong side of the angle will put the index in a bullish position.

The failure to overtake this angle will not signal a change in trend, but it could be a sign that the buying is getting weaker, or the selling is getting stronger.

On the downside, the nearest support angle comes in at 2776.50. This is followed by the short-term 50% level at 2773.00.