E-mini S&P 500 Index (ES) Futures Technical Analysis – January 3, 2018 Forecast

March E-mini S&P 500 Index futures are called higher based on the pre-market trade. The early session rally has put the index in a position to post a new all-time high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2698.25 will negate the closing price reversal top and signal a resumption of the uptrend. The trend will change to down on a trade through 2667.75.

The short-term range is 2667.75 to 2698.25. Its 50% level or pivot at 2683.00 is support.

The intermediate range is 2651.75 to 2698.25. Its retracement zone at 2675.00 to 2669.50 is the primary downside target.

Daily Technical Forecast

Based on the current price at 2697.00 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the uptrending Gann angle at 2694.50.

A sustained move over 2694.50 will signal the presence of buyers. The next target is the main top at 2698.25, followed by an uptrending Gann angle at 2699.75. Crossing to the strong side of this angle and sustaining the move will put the index in an extremely bullish position.

A sustained move under 2694.50 will indicate the presence of sellers. This move could trigger an acceleration to the downside with the next target a support cluster at 2683.75 to 2683.00.