E-mini S&P 500 Index (ES) Futures Technical Analysis – July 26, 2017 Forecast

September E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. Traders appear to be shrugging off the news of another defeat for Trump and the Republicans over health care reform. This may mean that they don’t care about Trump’s tax reform or fiscal stimulus plan anymore.

The focus is on earnings anyway at this time with a slew of companies reporting today including Facebook after the close. Traders are also watching crude oil and its impact on energy stocks.

Technical Analysis

The minor trend is up according to the swing chart. A trade through 2478.75 will signal a resumption of the uptrend. A move through 2462.75 will change the minor trend to down.

The nearest major support zone is 2440.50 to 2431.50.

Traders should continue to watch for a potentially bearish closing price reversal top since the index is currently posting a prolonged rally in terms of price and time.