E-mini S&P 500 Index (ES) Futures Technical Analysis – July 30, 2019 Forecast

Based on the early price action and the current price at 3007.75, the direction of the September E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 3006.50.
James Hyerczyk
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are trading sharply lower shortly before the cash market opening. The selling pressure is being fueled by dampened hopes of a trade deal between the United States and China. The catalyst behind the selling pressure is a tweet from President Trump attacking China over its failure to purchase U.S. agricultural products.

At 12:36 GMT, September E-mini S&P 500 Index futures are trading 3007.75, down 14.00 or -0.47%.

In other news, the Core PCE Price Index came in as expected at 0.2%. Personal Spending was 0.3% as forecast and Personal Income was 0.4% as estimated.

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.

The short-term range is 2969.50 to 3029.50. Its retracement zone at 2999.50 to 2992.50 is the first downside target. This zone is also potential support.

The intermediate range is 2914.50 to 3029.50. Its retracement zone at 2972.00 to 2958.50 is the next downside target.

Daily Technical Forecast

Based on the early price action and the current price at 3007.75, the direction of the September E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 3006.50.

Bullish Scenario

A sustained move over 3006.50 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a possible retest of the uptrending Gann angle at 3025.50. Overtaking this angle will put the index in a strong position with 3029.50 the next likely upside target.

Bearish Scenario

A sustained move under 3006.50 will signal the presence of sellers. This could trigger a quick break into a support cluster at 2999.50, followed by an uptrending Gann angle at 2997.50.

If 2997.50 fails then look for the selling to possibly extend into the short-term Fibonacci level at 2992.50. This is another trigger point for a break into an uptrending Gann angle at 2983.50.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.