E-mini S&P 500 Index (ES) Futures Technical Analysis – March 1, 2018 Forecast

March E-mini S&P 500 Index futures are trading lower shortly after the opening as investors await the testimony of Fed Chair Jerome Powell. The current sell-off could extend throughout the day if Powell offers the same hawkish testimony as he did on Tuesday.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend will change to down on a trade through 2682.00. A trade through 2789.75 will signal a resumption of the uptrend.

The short-term range is 2682.00 to 2789.75. Its retracement zone at 2723.25 to 2736.00 is controlling the intraday direction of the index. Treat this area like resistance or a pivot zone.

The main retracement zone is 2703.75 to 2745.00. The index is also trading inside this zone. Trader reaction to this zone will help determine the longer-term direction of the market.

The intermediate range is 2529.00 to 2789.75. Its retracement zone at 2659.25 to 2628.50 is the next downside target.

Daily Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the short-term uptrending Gann angle at 2702.00. This angle actually forms a support cluster with the 50% level at 2703.75. This support cluster provided support earlier today.

A sustained move over 2702.00 will indicate the presence of buyers. This could drive the index into a resistance cluster at 2722.00, 2723.25 and 2725.75.

Taking out 2724.75 could trigger a surge into 2736.00, 2745.00 then a downtrending Gann angle at 2757.75. The market begins to expand over this angle.

Taking out and sustaining a break under 2702.00 will signal the presence of sellers. The daily chart is wide open under this angle with 2682.00 the next target.

If 2682.00 fails as support then look for the selling to extend into the next support cluster at 2659.25 to 2657.00.

The chart opens up to the downside under 2657.00 with 2628.50 the next likely target.