E-mini S&P 500 Index (ES) Futures Technical Analysis – Low Volume Trade with Buyers Respecting 2893.50 Pivot

September E-mini S&P 500 Index futures are trading slightly better after the cash market close and before the end of the futures session. The market posted a higher-high earlier in the session, but the rally died due to lack of buying volume. The price action suggests buyers were a little tentative, probably due to the upcoming Fed decisions on Wednesday.

At 20:16 GMT, September E-mini S&P 500 Index futures are trading 2896.75, up 2.00 or +0.07%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been drifting since the formation of the closing price reversal top at 2915.75 on June 11.

A trade through 2915.75 will negate the closing price reversal top and signal a resumption of the uptrend. The next major target is the May 1 top at 2967.75. A trade through 2871.50 will change the main trend to down.

The short-term range is 2915.75 to 2871.50. Its 50% level or pivot at 2893.50 is controlling the direction of the index on Monday.

The major range is 2967.75 to 2732.25. Its retracement zone at 2877.75 to 2850.00 is the next potential support zone. It provided support on June 13 at 2871.50.

The main range is 2732.25 to 2915.75. If the main trend changes to down then look for the selling to possibly extend into its retracement zone at 2824.00 to 2802.25.

Daily Swing Chart Technical Forecast

Based on Monday’s price action and the current price at 2896.75, the direction of the September E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the pivot at 2893.50.

Bullish Scenario

A sustained move over 2893.50 will signal the presence of buyers. If this move can create enough upside momentum then look for the rally to possibly extend into the main top at 2915.75. Taking out this level could trigger an acceleration into the next major top at 2967.75.

Bearish Scenario

A sustained move under 2893.50 will indicate the presence of sellers. This could trigger a break into the major Fibonacci level at 2877.75, followed by the main bottom at 2871.50.

Taking out 2871.50 will change the main trend to down with the major 50% level at 2850.00 the next target.