E-mini S&P 500 Index (ES) Futures Technical Analysis – June 25, 2018 Forecast

September E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. Traders are paring positions in anticipation of an escalating trade war between the United States and China.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. The market is down 8 days since the last main top so today’s session begins with the index in the window of time for a closing price reversal bottom.

The minor trend is down. This is controlling the momentum. A trade through 2785.25 will change the main trend to up. A move through 2735.75 will reaffirm the minor downtrend.

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 stopped the selling last week when the index hit 2735.75.

The short-term range is 2796.00 to 2735.75. Its 50% level or pivot at 2766.00 is resistance.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to a long-term uptrending Gann angle at 2739.75.

A sustained move over 2739.75 will indicate the presence of buyers. This could trigger a retest of the uptrending Gann angle at 2755.25. This angle was resistance earlier.

Overcoming 2755.25 will indicate the buying is getting stronger with upside targets a downtrending Gann angle at 2764.00 and the pivot at 2766.00.

The pivot at 2766.00 is the trigger point for an acceleration to the upside.

A sustained move under 2739.75 will signal the presence of sellers. This could lead to a quick test of the main 50% level at 2737.50, followed by last week’s low at 2735.75.

Crossing to the weak side of the steep downtrending Gann angle at 2732.00 will indicate the selling is getting stronger. This could trigger a further break into the main Fib at 2723.75 and an uptrending Gann angle at 2717.25.

The angle at 2717.25 is the trigger point for an acceleration to the downside with 2695.75 the next major downside target.