E-mini S&P 500 Index (ES) Futures Technical Analysis – March 11, 2019 Forecast

U.S. stock index futures are trading mixed with the March E-mini S&P 500 Index expected to open slightly better along with the March E-mini NASDAQ-100 Index. The March E-mini Dow Jones Industrial Average is trading lower, dragged down by a huge sell-off in shares of Boeing. The airline builder’s stock is under pressure in reaction to the weekend crash of an Ethiopian Airlines 737 Max 8 jet, made by Boeing.

At 11:20 GMT, March E-mini S&P 500 Index futures are trading 2749.50, up 2.50 or +0.08%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2722.00 will signal a resumption of the downtrend. The market is in no position to change the main trend to up, but there is room for a 50% to 61.8% retracement of the recent break.

The short-term range is 2819.75 to 2722.00. If the rally continues then its retracement zone at 2771.00 to 2782.50 will become the primary upside target.

On the downside, the support is the major Fibonacci level at 2711.50.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini S&P 500 Index is likely to be determined by trader reaction to the steep downtrending Gann angle at 2739.75.

Bullish Scenario

A sustained move over 2739.75 will indicate the presence of buyers. If this move creates enough upside momentum then look for a test of an uptrending Gann angle at 2760.75. Overcoming this angle will indicate the buying is getting stronger. This could trigger a rally into the short-term retracement zone at 2771.00 to 2782.50. Inside this zone, the downtrending Gann angle at 2779.75 is also a potential upside target.

Bearish Scenario

A sustained move under 2739.75 will signal the presence of sellers. If this move creates enough downside momentum then look for a potential break into Friday’s low at 2722.00, followed closely by an uptrending Gann angle at 2720.75 and the major Fib level at 2711.50.

The selling pressure could intensify if 2711.50 fails with an uptrending Gann angle at 2700.75 the next likely downside target. This is the last potential support angle before the 2680.75 main bottom.