E-mini S&P 500 Index (ES) Futures Technical Analysis – Key Level to Watch into Close is 2679.75

June E-mini S&P 500 Index futures are trading sharply higher at the mid-session, the rally has been strong enough to negate Friday’s closing price reversal top.

The main trend is up according to the daily swing chart. The trend turned up on Friday when buyers took out 2679.75, but momentum shifted to the downside when sellers helped produce a higher-high, lower-close.

The main range is 2883.25 to 2532.50. Its retracement zone at 2708.00 to 2749.25 is the primary upside target.

The intermediate range 2807.25 to 2552.00. Its 50% level at 2679.75 forms a resistance cluster with the main top at 2679.75.

The short-term range is 2552.00 to 2681.75. Its retracement zone at 2616.75 to 2601.50 is a support zone. It will move up as the market moves higher.

The price cluster at 2679.75 is the trigger point for an acceleration to the upside. Although buyers took out this level on Friday, the rally failed because the buying volume wasn’t strong enough to extend the rally.

Today, buyers are trying to extend the move over this level. This makes 2679.75 new support. If the trade through this level creates enough upside momentum then look for it to possibly extend into the next 50% target at 2708.00.

We could see a technical bounce on the first test of 2708.00, but this price is also a trigger point for an extension to the upside.

A break back under 2679.75 will signal that the selling is greater than the buying at current price levels. This would set up another potentially bearish closing price reversal top.