E-mini S&P 500 Index (ES) Futures Technical Analysis – July 31, 2019 Forecast

September E-mini S&P 500 Index futures are trading slightly higher shortly after the opening on Wednesday. Volume is well-below average with most of the major players on the sidelines ahead of the U.S. Federal Reserve’s monetary policy statement, interest rate decision and guidance from Fed Chair Jerome Powell. The Fed is widely expected to cut rates 25-basis points, however, investors are going to be closer attention to the guidance. They want to know if the rate cut is a one-time event, or the start of further easing.

At 13:54 GMT, September E-mini S&P 500 Index futures are trading 3014.75, up 2.50 or +0.08%.

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 support.

The intermediate range is 2914.50 to 3029.50. Its retracement zone at 2972.00 to 2958.50 is additional support.

Daily Technical Forecast

On the upside, the first target is the minor top at 3029.50. Taking out this top could trigger a rally into the uptrending Gann angle at 3033.50. Overtaking this angle will put the index in an extremely bullish position.

On the downside, the first target is an uptrending Gann angle at 3010.50. If this angle fails then look for a break into a series of potential support levels at 3003.50, 3001.50 and 2999.50. Buyers could come in on a test of these levels.

If 2999.50 fails to hold then look for the selling to possibly extend into the short-term Fibonacci level at 2992.50, followed by the uptrending Gann angle at 2985.50. This is a potential trigger point for an acceleration into the 50% level at 2972.00 and the main bottom at 2969.50.