E-mini S&P 500 Index (ES) Futures Technical Analysis – July 16, 2019 Forecast

September E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. The index is being supported by shares of Goldman Sachs which reported earnings per share and revenue that topped analyst expectations amid a strong performance from the company’s investment banking and trading divisions. Shares of Johnson & Johnson are also providing support after the company reported a 42% profit surge in the previous quarter, fueled by growth in its prescription drug business.

At 12:42 GMT, September E-mini S&P 500 Index futures are at 3018.75, up 1.50 or +0.04%.

Daily 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 move through 2963.50.

Daily Technical Forecast

Based on the current price at 3018.75, the direction of the September E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 3018.50.

Bullish Scenario

A sustained move over 3018.50 will indicate the presence of buyers. Taking out yesterday’s high at 3023.50 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with target angles coming in at 3043.50 and 3047.50. Overtaking these angles will put the index in an extremely bullish position.

Bearish Scenario

A sustained move under 3018.50 will signal the presence of sellers. This could trigger an acceleration into the next uptrending Gann angle at 3003.50. Watch for a technical bounce on the first test of this angle. If it fails then look for the selling pressure to increase with the next target angle coming in at 2983.50.