E-mini S&P 500 Index (ES) Futures Technical Analysis – July 27, 2017 Forecast

September E-mini S&P 500 Index futures are expected to open higher. Traders are shrugging off today’s economic data and the Fed news is in the rearview mirror. The main focus remains on earnings so we’re basically in a new driven market.

The main trend is up according to the daily swing chart. The index hit a new contract high earlier in the session. Since we are in a prolonged move up in terms of price and time, all investors really have to worry about is a closing price reversal top.

This signal won’t mean the trend is changing, but it will indicate the selling is greater than the buying at current price levels.

A trade through 2462.75 will change the minor trend to down.

Continue to look for higher prices as long as earnings continue to beat the Street and investors are willing to buy strength. There is no resistance, but the rally will stop when investors no longer see value.