E-mini S&P 500 Index (ES) Futures Technical Analysis – July 29, 2019 Forecast

Based on the early price action and the current price at 3025.50, the direction of the September E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 3017.50.
James Hyerczyk
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are expected to open flat to slightly better based on the pre-market trade. Many of the major players are expected to be on the sidelines until Wednesday’s release of the Fed’s latest monetary policy and interest rate decisions. This could mean a low volume session. Investors will also be looking for any developments from the renewed U.S.-China trade talks although no one is expecting any major announcements.

At 13:07 GMT, September E-mini S&P 500 Index futures are trading 3025.50, up 1.00 or +0.03%.

Daily September E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3029.50 will signal a resumption of the uptrend. The main trend will change to down on a trade through 2969.50. This is highly unlikely today, but traders should watch for a potentially bearish closing price reversal top.

This chart pattern will not indicate a change in trend, but it will indicate the selling is greater than the buying at current price levels. Taking out 3029.50 then turning lower for the session will indicate intraday weakness.

Daily Technical Forecast

Based on the early price action and the current price at 3025.50, the direction of the September E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 3017.50.

Bullish Scenario

Holding above 3017.50 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to challenge 3029.50.

Bearish Scenario

A sustained move under 3017.50 will signal the presence of sellers. If this is able to generate enough downside momentum then look for a potential break into a pair of uptrending Gann angles at 3002.50 and 2995.50.

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