Advertisement
Advertisement

E-mini S&P 500 Index (ES) Futures Technical Analysis – June 22, 2017 Forecast

By:
James Hyerczyk
Updated: Jun 22, 2017, 13:47 UTC

Watch the price action and read the order flow at 2432.00 all session. Trader reaction to this level will set the tone for the day. September E-mini

E-mini S&P 500 Index

Watch the price action and read the order flow at 2432.00 all session. Trader reaction to this level will set the tone for the day.

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

E-mini S&P 500 Index
Daily September E-mini S&P 500 Index

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2451.50 will signal a resumption of the uptrend. Taking out 2412.50 will change the trend to down.

The short-term range is 2412.50 to 2451.50. Its 50% level or pivot is 2432.00. This pivot is controlling the direction of the market today. The index is currently straddling this level. This also indicates investor indecision.

The main range is 2341.75 to 2451.50. If the main trend changes to down then its retracement zone at 2396.50 to 2383.50 will become the primary downside target.

Forecast

Based on the current price at 2430.00, the direction of the market today is likely to be determined by trader reaction to the 50% level at 2432.00.

Overtaking 2432.00 will indicate the presence of buyers. This could trigger a rally into the uptrending angle at 2437.75. Overtaking this angle will indicate the buying is getting stronger. This could create the upside momentum needed to challenge the next uptrending angle at 2448.50. Overcoming this angle will put the index in a position to take on the main top at 2451.50.

Holding below 2432.00 will signal the presence of sellers. The daily chart is wide open under this pivot with the next targets coming in at 2416.25 and 2412.50. If the selling volume starts to get stronger then look for the start of a steep break.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

Did you find this article useful?

Advertisement