E-mini S&P 500 Index (ES) Futures Technical Analysis – March 13, 2018 Forecast

June E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. Futures are being supported by a benign consumer price index report, but gains are being limited by Trump’s firing of Secretary of State Rex Tillerson.

Daily Technical Analysis

The main trend is up according to the daily swing chart, but the market is having trouble moving away from the previous top at 2795.00.

Today is the seventh day up from the last bottom so the market is in the window of time for a closing price reversal top.

The main range is 2883.25 to 2532.50. Its retracement zone is 2707.75 to 2749.25. Holding above this zone will give the index an upside bias.

Daily Technical Forecast

Based on the early price action, the first upside target angle is 2823.25. Overtaking this angle could generate the momentum needed to challenge a pair of downtrending Gann angles at 2853.25 and 2868.25. The latter is the last potential resistance angle before the 2883.25 main top.

The nearest downside target angle is 2763.75. Since the trend is up, we could see a technical bounce on the first test of this angle. If it fails then look for the selling to extend into 2749.25. This is the trigger point for a steep break into a support cluster at 2707.75.