E-mini S&P 500 Index (ES) Futures Technical Analysis – June 20, 2017 Forecast

September E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. The market is also trading inside yesterday’s range, indicating investor indecision and impending volatility.

Technical Analysis

The main trend is up according to the daily swing chart. There is no resistance other than yesterday’s high at 2451.50. It’s a momentum-based rally so it’s likely to end with a closing price reversal top. The trend changes to down on a trade through 2412.50.

The short-term range is 2412.50 to 2451.50. Its 50% level or pivot is 2432.00.

Forecast

The index is currently trading between Monday’s high at 2451.50 and the short-term uptrending angle at 2440.50.

In order to sustain the rally today, the index has to hold above the angle at 2440.50.

If 2440.50 fails as support then look for a possible break into the short-term pivot at 2432.00 and the long-term uptrending angle at 2429.75. This is the most important support angle today.

Taking out 2429.75 will indicate the selling pressure is increasing. This could trigger a move into 2416.25 and 2412.50.