E-mini S&P 500 Index (ES) Futures Technical Analysis – July 24, 2017 Forecast

September E-mini S&P 500 Index futures are trading slightly lower shortly before the regular session opening. The early trade appears to be a little lackluster, suggesting we may see another round of below-average volume today.

The main trend is up according to the daily swing chart. A trade through 2476.50 will signal a resumption of the uptrend.

There is no resistance so the emphasis will be on the chart pattern. Traders will create resistance with the formation of a potentially bearish closing price reversal top. This will signal the presence of sellers or that the buyers are lightening up.

The main range is 2402.25 to 2476.50. If resistance does develop and the selling pressure increase then we could see an eventual pullback into its retracement zone at 2439.25 to 2430.50.