E-mini S&P 500 Index (ES) Futures Technical Analysis – June 21, 2019 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, which tends to indicate investor indecision and impending volatility.

The market remains underpinned by expectations of a number of rate cuts in 2019 by the U.S. Federal Reserve, however, growing geopolitical tensions with Iran are weighing on prices this morning. Strength in the energy sector could underpin prices today.

At 11:34 GMT, September E-mini S&P 500 Index futures are trading 2953.25, down 6.75 or -0.22%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2964.50 will signal a resumption of the uptrend. Taking out 2967.75 will reaffirm the uptrend. This is the contract high. The main trend changes to down on a trade through 2871.50.

The minor trend is also up. A move through 2889.00 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 2967.75 to 2732.25. Its retracement zone at 2877.75 to 2850.00 is support. It is also controlling the near-term direction of the index.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index on Friday is likely to be determined by trader reaction to the uptrending Gann angle at 2956.25.

Bullish Scenario

A sustained move over 2956.25 will indicate the presence of buyers. This could trigger a rally into 2967.75. Look for an acceleration to the upside if this price is taken out.

Bearish Scenario

A sustained move under 2956.25 will signal the presence of sellers. The first target is a downtrending Gann angle at 2931.75. If this angle fails as support then look for the start of a steep break with the next target angle coming in at 2895.75.