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

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 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.