E-mini S&P 500 Index (ES) Futures Technical Analysis – June 21, 2018 Forecast

September E-mini S&P 500 Index futures are trading higher during the pre-market session. Increased demand for risky assets is helping to generate today’s early upside momentum.

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.

The minor trend is down according to the minor swing chart. A trade through 2796.00 will change the trend to up and shift momentum to the upside. A trade through 2735.75 will reaffirm the minor downtrend. It will also indicate the selling is getting stronger.

The short-term range is 2796.00 to 2735.75. Its retracement zone is 2765.75 to 2773.00. The index is currently trading on the strong side of this zone, giving it an upside bias. It should be considered support.

The next support is a major Fib level at 2755.25.

The main range is 2679.25 to 2796.00. Its retracement zone at 2737.50 to 2723.75 is also support.

Daily Swing Chart Technical Forecast

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

A sustained move over 2773.00 will indicate the presence of buyers. If this move generates enough upside momentum then look for a possible rally into 2796.00. Taking out this level could trigger a spike into the March 13 main top at 2814.00.

A sustained move under 2773.00 will signal the presence of sellers. This could lead to a quick break into 2765.75, followed by 2755.25.

The daily chart starts to open up to the downside under 2755.25 with the support cluster at 2737.50 to 2735.75 the next major downside target.

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