E-mini S&P 500 Index (ES) Futures Technical Analysis – June 23, 2017 Forecast

September E-mini S&P 500 Index is trading flat shortly before the cash market opening. There hasn’t been much action the last three days. Most of the news has been offsetting. Today, we could see the return of volatility with the release of the Flash Manufacturing PMI report at 1345 GMT and at 1400 GMT with the release of the New Home Sales report.

Technical Analysis

The main trend is up according to the daily swing chart, but the index stopped rallying on Monday, June 19 after it reached a new all-time high at 2451.50. Momentum could be getting ready to trend lower.

A trade through 2451.50 will signal a resumption of the uptrend. Taking out 2412.50 will change the main trend to down.

The short-term range is 2412.50 to 2451.50. Its 50% level or pivot is 2432.00. This price will control the direction of the index today. Holding above it will give the market an upside bias. Falling below it will give the market a downside bias.

The main range is 2341.75 to 2451.50. If the trend changes to down then look for a break into its retracement zone at 2392.50 to 2380.50 over the near-term.

Forecast

Based on the current price at 2432.50, the direction of the index today will be determined by trader reaction to the pivot at 2432.00.

A sustained move over 2432.00 will indicate the presence of buyers. This could trigger a rally into the uptrending angle at 2441.75. Overtaking this angle will mean the buying is getting stronger with the next target angle coming in at 2452.50. Overcoming this angle will put the S&P 500 Index in a bullish position.

A sustained move under 2432.00 will signal the presence of sellers. This could drive the index into the minor bottom at 2416.25 and the main bottom at 2412.50. The latter is the trigger point for an acceleration into 2392.50.