E-mini S&P 500 Index (ES) Futures Technical Analysis – March 19, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. Sellers are responding to concerns over a trade war and worries over Fed policy. Investors are also shedding positions due to political concerns.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has shifted to the downside. A trade through 2807.25 will reaffirm the uptrend. A move through the intraday low at 2733.00 will indicate the selling is getting stronger.

The main range is 2883.25 to 2532.50. Its retracement zone at 2707.75 to 2749.25 is controlling the longer-term direction of the market. The index is currently testing this zone.

The intermediate range is 2532.50 to 2807.25. Its retracement zone at 2669.75 to 2637.50 is the primary downside target and possible support.

There are two short-term 50% levels at 2729.50 and 2770.25. This price levels are likely to act like pivots.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the main Fibonacci level at 2749.25.

A sustained move under 2749.25 will indicate the presence of sellers. If the selling pressure is strong enough then look for a retest of today’s intraday low at 2733.00. This is followed closely by 2729.50.

The pivot at 2729.50 is also the trigger point for an acceleration into 2707.75. This level is also a trigger point for an acceleration into 2669.75.

A sustained move over 2749.25 will signal the presence of buyers. Overcoming this level will signal the return of buyers with 2770.25 the next likely upside target.