E-mini S&P 500 Index (ES) Futures Technical Analysis – June 14, 2019 Forecast

June E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. The market is giving back its earlier gains after a plunge in chipmaker stocks dragged down the technology sector. Weak data out of China also weighed on investor sentiment. Additionally, sellers were responding to disappointing industrial data from China. Finally, there was no follow-through to the upside following Thursday’s strong performance in the Energy Sector.

At 12:07 GMT, June E-mini S&P 500 Index futures are trading 2887.25, down 7.00 or -0.24%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top at 2911.50 on June 11.

A trade through 2911.50 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down on a move through 2867.25.

The main range is 2961.25 to 2728.75. Its retracement zone at 2873.50 to 2846.00 is controlling the direction of the index. Trading above this zone makes it support.

The short-term range is 2728.75 to 2911.50. If the main retracement zone fails as support then look for the selling to extent into the short-term retracement zone at 2820.00 to 2798.50.

Daily Technical Forecast

Based on the early price action and the last price at 2887.25, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the downtrending Gann angle at 2899.25.

Bullish Scenario

A sustained move over 2899.25 will indicate the presence of buyers. The first target is 2911.50. Taking out this level could trigger an acceleration into the next downtrending Gann angle at 2930.25.

Bearish Scenario

A sustained move under 2899.25 will signal the presence of sellers. The first target is a support cluster at 2873.50 to 2872.75. If this area fails then look for a further decline into the 2867.25 main bottom. This is a potential trigger point for an acceleration into the main 50% level at 2846.00.