E-mini S&P 500 Index (ES) Futures Technical Analysis – July 31, 2018 Forecast

September E-mini S&P 500 Index futures are called higher based on the pre-market trade. Traders showed almost no reaction to today’s U.S. economic reports. This was expected since the main focus for investors today will be Apple earnings, revenue and iPhone sales. It releases after the closing bell of the cash market.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2792.50 will change the main trend to down. A move through 2849.50 will signal a resumption of the uptrend.

The short-term range is 2792.50 to 2849.50. The key level to watch is its 50% level or pivot at 2821.00. Counter-trend sellers are going to try to stop the rally on a test of this zone in an effort to form a secondary lower top. Buyers are going to try to take out this level in an effort to make yesterday’s low at 2798.25 a main bottom.

The main range is 2693.25 to 2849.50. If the trend changes to down then look for a break into its retracement zone at 2771.25 to 2753.00.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini S&P 500 Index today is likely to be determined by trader reaction to the uptrending Gann angle at 2804.50.

A sustained move over 2804.50 will indicate the presence of buyers. This could lead to a quick test of a steep downtrending Gann angle at 2817.50. Overtaking this angle should trigger a move into the pivot at 2821.00.

Crossing to the strong side of the pivot will mean the buying is getting stronger. This could spike the market into a pair of downtrending Gann angles at 2833.50 and 2841.50. The latter is the last potential resistance angle before the 2849.50 main top.

A sustained move under 2804.50 will signal the presence of sellers. The next support angle is 2798.50, followed by the main bottom at 2792.50.

Taking out 2792.50 will change the trend to down. This could lead to an acceleration into a long-term uptrending Gann angle at 2781.25, followed by the 50% level at 2771.25.

Essentially, the key level on the upside is 2821.00. This pivot is controlling the direction of the index.