E-mini S&P 500 Index (ES) Futures Technical Analysis – July 24, 2018 Forecast
The main trend is up according to the daily swing chart. The trade through 2818.25 reaffirmed the uptrend. A move through 2792.50 will change the main trend to down. The daily swing chart indicates there is plenty of room to the upside with the January 29 top at 2889.00 the next major target.
September E-mini S&P 500 Index futures are called higher based on the early session price action.
The main trend is up according to the daily swing chart. The trade through 2818.25 reaffirmed the uptrend. A move through 2792.50 will change the main trend to down.
The daily swing chart indicates there is plenty of room to the upside with the January 29 top at 2889.00 the next major target. There is no resistance between the current price level and this top because the last time the index was up here, it was breaking sharply in early February due to concerns over inflation and rising interest rates.
This chart pattern is being driven by strong upside momentum. The first sign of weakness today will be a break back under the old top at 2818.25.
The second sign of weakness will be a break back under Monday’s close at 2812.00. This will indicate the selling is greater than the buying at current price levels.
The third sign of selling pressure will be a move through 2792.50. This move will change the trend to down.
The trend is up and likely to remain up because of the lack of resistance. Therefore, if you’re a counter-trend player, you’re going to have to wait for a sign of weakness. Trying to pick a top will force you to continue to keep feeding the bull.
