E-mini S&P 500 Index (ES) Futures Technical Analysis – June 14, 2018 Forecast

September E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. Apparently they like the news from the ECB, however, the move is likely being fueled by today’s strong U.S. economic data and the possibility of aggressive merger activity.

Earlier today, U.S. Retail Sales and Core Retail Sales soundly beat expectations and unemployment claims came in better than expected.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. Yesterday’s closing price reversal top and today’s subsequent confirmation of the chart pattern may have temporarily shifted momentum to the downside, but buyers quickly pounced on the move.

A trade through 2796.00 will negate the potentially bearish chart pattern and signal a resumption of the uptrend.

A move through today’s low at 2772.25 will indicate that sellers have returned.

The minor range is 2755.75 to 2796.00. Its retracement zone at 2775.75 to 2771.00 provided support earlier today.

The main support is the Fibonacci level at 2755.25. This is the trigger point for an acceleration into a 50% level at 2737.50.

Daily Swing Chart Technical Forecast

Today’s rebound rally makes 2796.00 the key level to watch today. If buyers can take out this level then look for a potential surge into the March 13 main top at 2814.00.

The inability to take out and sustain a move over 2796.00 will signal the presence of sellers. This could lead to a retest of 2775.75, 2772.25 then 2771.00.

If 2771.00 fails then look for the selling to extend into 2755.75 to 2755.25.