E-mini S&P 500 Index (ES) Futures Technical Analysis – March 12, 2019 Forecast

U.S. equity indexes are expected to open mixed on Tuesday. The Dow is trending lower shortly before the cash market opening amid further weakness in shares of Boeing. Technology shares are soaring, helping to boost the bench-mark S&P 500 Index. In other news, U.S. consumer prices rose for the first time in four months. Concerns over Brexit are also influencing the price action.

At 13:29 GMT, March E-mini S&P 500 Index futures are trading 2788.50, up 5.00 or +0.16%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2819.75 will change the main trend to up. A move through 2722.00 will signal a resumption of the downtrend.

The short-term range is 2819.75 to 2722.00. Its retracement zone at 2770.75 to 2782.50 is controlling the direction of the index. Trading on the strong side of this zone today is helping to give the index an upside bias.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini S&P 500 Index on Tuesday is likely to be determined by trader reaction to the Fibonacci level at 2782.50.

Bullish Scenario

A sustained move over 2782.50 will indicate the presence of buyers. If this generates enough upside momentum then look for a move into the downtrending Gann angle at 2795.75. Look for sellers on the first test of this angle.

Overcoming 2795.75 will indicate the buying is getting stronger. This could trigger an acceleration into the next downtrending Gann angle at 2807.75.

Bearish Scenario

A failure to hold 2782.50 will signal the return of sellers. This could trigger a break into the Fibonacci level at 2770.75. Taking out this level could drive the index into the uptrending Gann angle at 2754.00.