E-mini S&P 500 Index (ES) Futures Technical Analysis – June 12, 2018 Forecast

The direction of the index today is likely to be determined by trader reaction to 2790.50. Be careful buying strength, however, because the volume is light ahead of the Fed decisions on Wednesday.
James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

June E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. Prices are holding steady after President Trump and North Korea leader Kim Jong-Un signed a historic agreement aimed at establishing a “peace regime” on the Korean peninsula and better relations between the two states.

In other news, consumer inflation came in as expected. The CPI rose 0.2 percent in May, matching expectations.

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Daily June E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2790.50 will signal a resumption of the uptrend. The market is up 10 days from its last main bottom, putting the market in the window of time for a closing price reversal top.

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

The main range is 2883.25 to 2532.50. Its retracement zone at 2749.25 to 2707.75 is now support.

The short-term range is 2675.00 to 2790.50. Its retracement zone at 2732.75 to 2719.00 is also support. This zone falls inside the main retracement zone.

The intermediate range is 2591.25 to 2790.50. Its retracement zone at 2690.75 to 2667.25 is also support.

Daily Swing Chart Technical Forecast

The direction of the index today is likely to be determined by trader reaction to 2790.50.

A sustained move over 2790.50 will indicate the presence of buyers. This could trigger a rally into the March 13 top at 2807.25. Be careful buying strength, however, because the volume is light ahead of the Fed decisions on Wednesday.

A sustained move under 2790.50 will signal the presence of sellers. The next support is 2752.00 and 2749.25.

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