E-mini S&P 500 Index (ES) Futures Technical Analysis – June 6, 2019 Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2824.25.
James Hyerczyk
E-mini S&P 500 Index

June E-mini S&P 500 Index futures are trading higher on Thursday, helped by strong hints of a rate cut by the U.S. Federal Reserve and the promise of fresh stimulus from the European Central Bank. Free money makes the market go up, who cares about the trade disputes and weakening global economy.

At 12:57 GMT, June E-mini S&P 500 Index futures are trading 2829.75, up 2.00 or +0.08%.

If there is any lightening up on the long side today, it will likely be fueled by position-squaring and profit-taking ahead of Friday’s U.S. Non-Farm Payrolls report. Earlier today, the U.S. Trade Balance came in as expected at -50.8 and weekly jobless claims were steady at 218K. Throughout the session investors will be looking for any new developments on trade relations between the United States and China and Mexico.

Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2894.00 will change the main trend to up. A move through 2728.75 will signal a resumption of the downtrend.

The index has hit the critical area on the chart. It’s trading inside a pair of 50% to 61.8% retracement zones. Since the main trend is down, sellers will be trying to stop the rally inside this zone in an effort to form a potentially bearish secondary lower top.

The short-term range is 2894.00 to 2728.75. Its retracement zone is 2811.25 to 2831.00.

The main range is 2961.25 to 2728.75. Its retracement zone is 2845.00 to 2872.50.

Combining these two zone creates another potential resistance zone at 2831.00 to 2845.00. Trader reaction to this area is likely to set the tone for the rest of the session.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2824.25.

Bullish Scenario

A sustained move over 2824.25 will indicate the presence of buyers. Overcoming 2831.00, 2838.00 and 2845.00 will indicate the buying is getting stronger. The latter is the trigger point for an acceleration into the downtrending Gann angle at 2861.25.

Bearish Scenario

A sustained move under 2824.75 will signal the presence of sellers. The first target is the 50% level at 2811.25. This is the trigger point for an acceleration to the downside with the next major target angle coming in at 2776.25.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.