E-mini S&P 500 Index (ES) Futures Technical Analysis – June 28, 2019 Forecast

September E-mini S&P 500 Index futures are trading slightly better shortly before the cash market opening. The index is being underpinned by a surge in bank stocks after the release of the Fed’s stress test results. Gains are likely being limited by general worries ahead of US President Trump’s meeting with Chinese President Xi Jinping at the G-20 summit in Osaka, Japan on Saturday.

At 13:08 GMT, September E-mini S&P 500 Index futures are trading 2939.00, up 8.00 or +0.25%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top at 2969.25 on June 21.

Taking out 2914.50 will reaffirm the shift in momentum. A trade through 2889.00 will change the minor trend to down and a move through 2871.50 will change the main trend to down.

On the upside, a move through 2969.25 will negate the closing price reversal top and signal a resumption of the uptrend.

The minor range is 2969.25 to 2914.50. Its 50% level or pivot at 2942.00 is likely to control the intraday direction.

The short-term range is 2871.50 to 2969.25. Its retracement zone at 2920.25 to 2908.75 is support. This zone stopped the selling at 2914.50 on Wednesday.

The main range is 2732.25 to 2969.25. If the main trend changes to down then its retracement zone at 2850.75 to 2822.75 will become the primary downside target.

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 intraday pivot at 2942.00.

Bullish Scenario

A sustained move over 2942.00 will indicate the presence of buyer. This could create a labored rally with potential upside targets coming in at 2915.50, 2893.50 and 2959.50. Overtaking the last angle will put the index in a position to challenge the main top at 2969.25.

Bearish Scenario

A sustained move under 2942.00 will signal the presence of sellers. This could lead to a labored break with potential targets at 2929.25, 2920.25, 2915.50, 2014.50 and 2908.75.

The daily chart starts to open up to the downside under 2908.75. This could trigger a further break into an uptrending Gann angle at 2893.50, a minor bottom at 2889.00 and a main bottom at 2871.50.