E-mini S&P 500 Index (ES) Futures Technical Analysis – June 8, 2018 Forecast

Lower demand for risk and profit-taking ahead of the G-7 conference is putting pressure on June E-mini S&P 500 Index futures shortly before the cash market opening.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2779.75 will signal a resumption of the uptrend with the March 13 top at 2807.25 the next upside target.

The minor trend is also up which means momentum is still trending higher. However, a new minor top was formed at 2779.75.

The market is currently trading on the strong side of a major retracement zone at 2749.25 to 2707.75.

The short-term range is 2675.00 to 2779.75. Inside the major retracement zone is its retracement zone at 2727.25 to 2715.00. This zone is the primary downside target.

The market is currently up 7 to 10 days from the last main bottom so we’re not going to be surprised by a short-term setback. That’s a pretty typical move.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 2749.25.

A sustained move over 2749.25 will indicate the presence of buyers. This could lead to a retest of 2779.75. Taking out this minor top could trigger an acceleration to the upside with 2807.25 the next major upside target.

A sustained move under 2749.25 will signal the presence of sellers. This could trigger an acceleration into a series of retracement levels at 2727.25, 2715.00 and 2707.75. Since the main trend is up, we could see a technical bounce on the first test of these levels.