E-mini S&P 500 Index (ES) Futures Technical Analysis – June 20, 2018 Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index will be determined by trader reaction to 2773.00 and 2765.75. Basically, look for an upside bias to develop on a sustained move over 2773.00 and for a downside bias to develop on a sustained move under 2765.75.
James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

September E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. Increased demand for higher risk assets is helping to fuel today’s early strength.

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Daily September 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 2796.00 will signal a resumption of the uptrend. A move through 2735.75 will indicate the selling is getting stronger, but the main trend won’t change to down unless 2679.25 is violated.

The minor trend is down, however, momentum is trending lower. A trade through 2796.00 will also shift momentum to the upside.

On the downside, the main support is a major retracement zone, bounded by 2755.25 to 2713.75.

The main range is 2679.25 to 2796.00. Its retracement zone at 2737.50 to 2723.75 is the primary downside target. This zone provided support on Tuesday when the market reached its low at 2735.75.

The short-term range is 2796.00 to 2735.75. Its retracement zone at 2765.75 to 2773.00 is currently being tested. This zone is very important because aggressive counter-trend sellers may try to form a secondary lower top on a test of this area.

 Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index will be determined by trader reaction to 2773.00 and 2765.75.

A sustained move over 2773.00 will indicate the presence of buyers. If this move generates enough upside momentum, we could see a drive toward 2796.00.

A sustained move under 2773.00 will indicate weak buying. A move under 2765.75 will indicate strong selling. This could drive the index back into 2755.25. This price is a potential trigger point for an acceleration into 2737.50 to 2735.75.

If 2735.75 fails then look for the selling to extend into 2723.75 then 2713.75. The latter is the trigger point for a steep sell-off.

Basically, look for an upside bias to develop on a sustained move over 2773.00 and for a downside bias to develop on a sustained move under 2765.75.

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