E-mini S&P 500 Index (ES) Futures Technical Analysis – June 10, 2019 Forecast

June E-mini S&P 500 Index futures are expected to open higher on Monday based on the pre-market trade. The rally is being driven by the news of an agreement between the United States and Mexico on migration. This news helped alleviate some of the concerns over additional trade disputes causing a slowdown in the U.S. economy.

At 13:38 GMT, June E-mini S&P 500 Index futures are trading 2890.00, up 15.00 or +0.53%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The main trend turned up earlier today when buyers took out the previous main top at 2894.00. The next target is the contract high at 2961.25.

The trend changes to down on a trade through 2728.75. This is highly unlikely, however, traders should start watching for a closing price reversal top.

The main range is 2961.25 to 2728.75. Its retracement zone is 2872.50 to 2845.00. This zone is controlling the longer-term direction of the index. Trading above it is helping to generate the upside bias. This also makes the area support.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at 2888.75.

Bullish Scenario

A sustained move over 2888.75 will indicate the presence of buyers. This could trigger an acceleration into the downtrending Gann angle at 2907.25. Overtaking this angle will indicate the buying is getting stronger. This could trigger a further rally into the next downtrending Gann angle at 2934.25. This is the last potential resistance angle before the 2961.25 main top.

Bearish Scenario

A sustained move under 2888.75 will signal the presence of sellers. The first downside target is the Fibonacci level at 2872.50. The daily chart opens up to the downside under this level with the next target the main 50% level at 2845.00.