E-mini S&P 500 Index (ES) Futures Technical Analysis – June 29, 2018 Forecast

September E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. Increased demand for risk earlier in the session drove the index to 2737.25 before sellers came in to take back about half of those gains.

At 1115 GMT, September E-mini S&P 500 Index futures are trading 2726.75, up 7.25 or +0.27%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 2693.25 will indicate the selling is getting stronger. A trade through 2679.25 will change the main trend to down.

The main range is 2595.75 to 2796.00. Its retracement zone at 2695.75 to 2672.25 is the major support. This range stopped the selling on Thursday at 2693.25 and on May 29 at 2679.25.

The short-term range is 2679.25 to 2796.00. Its retracement zone at 2724.00 to 2737.75 is currently being tested. It falls inside a long-term retracement zone at 2713.75 to 2755.25.

Daily Swing Chart Technical Forecast

Based on the current price at 2726.75 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to 2724.00.

A sustained move over 2724.00 will indicate the presence of buyers. This could lead to a retest of 2737.75. This 50% level stopped the rally at 2737.25 earlier in the session.

Overtaking 2737.75 could trigger a surge into 2755.25. This is the trigger point for an acceleration to the upside.

A sustained move under 2724.00 will signal the presence of sellers. This could fuel a quick break into 2713.75.

The selling could get stronger under 2713.75 with the next targets 2695.75 to 2693.25. If 2693.25 fails then look for a sharp break into 2679.25 to 2672.25.

The daily chart is wide open under 2672.25 with the next major target the May 3 bottom at 2595.75.