E-mini S&P 500 Index (ES) Futures Technical Analysis – June 11, 2018 Forecast

June E-mini S&P 500 Index futures are trading nearly flat shortly before the cash market opening. The index is posting a two-sided trade as investors react to last week-end’s G-7 meeting while looking forward to President Trump’s meeting with North Korean leader Kim Jong-un and a host of central bank activity later this week, including the U.S. Federal Reserve on Wednesday.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The market is now up nine sessions since the last main bottom on May 29. This puts it in the window of time for a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 2752.00 will change the minor trend to down. This will also shift momentum to the downside.

The market is also trading on the strong side of a major retracement zone at 2749.25 to 2707.75. This is helping to give the index a strong upside bias.

The new short-term range is 2675.00 to 2782.75. Its retracement zone at 2728.75 to 2716.00 is another downside target.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index the rest of the session will be determined by trader reaction to Friday’s close at 2778.75.

A sustained move over 2778.75 will indicate the presence of buyers. This move will keep the uptrend intact. If it generates enough upside momentum then look for the rally to extend into the March 13 top at 2807.25.

A sustained move under 2778.75 will signal the presence of sellers. This will put the index in a position to form a potentially bearish closing price reversal top. This could create the downside momentum needed to drive the market into 2749.25 then 2752.00.