E-mini S&P 500 Index (ES) Futures Technical Analysis – January 23, 2019 Forecast

Stocks are called better shortly before the cash market open. The market is also trading inside yesterday’s range which suggests investor indecision and impending volatility. At 1303 GMT, March E-mini S&P 500 Index futures are trading 2643.75, up 11.75 or +0.45%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2677.75 will signal a resumption of the uptrend with 2690.50 the next major target. The main trend is safe at this time.

The minor trend is also up. A new main top was formed at 2677.75. A trade through this level will signal a resumption of the minor trend. A change through 2596.50 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 2690.50 to 2316.75. Its retracement zone at 2546.00 to 2501.75 is the primary downside target and support zone.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini S&P 500 Index will likely be determined by trader reaction to a pair of Gann angles at 2630.50 and 2636.50.

Bullish Scenario

A sustained move over 2636.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a drive into a pair of downtrending Gann angles at 2663.50 and 2677.00. This is the last potential resistance angle before the 2677.75 minor top and the 2690.50 main top.

Bearish Scenario

A sustained move under 2630.50 will signal the presence of sellers. This could drive the index into the longer-term uptrending Gann angle at 2604.75. This is the trigger point for a potential acceleration into the next downtrending Gann angle at 2582.50.