E-mini S&P 500 Index (ES) Futures Technical Analysis – March 2, 2018 Forecast

March E-mini S&P 500 Index futures are trading lower during the pre-market session. At 1223 GMT, the index is trading 2667.00, down 11.25 or -0.40%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Thursday when sellers took out the previous main bottom at 2682.00. A trade through 2658.50 will signal a resumption of the downtrend. The main trend turns back up on a move through 2789.75.

The main range is 2878.50 to 2529.00. Its retracement zone at 2703.75 to 2745.00 is new resistance. This zone is also controlling the longer-term direction of the index. Trading below is helping to give it a downside bias.

The short-term range is 2529.00 to 2789.75. Its retracement zone at 2659.25 to 2628.50 is the primary downside target. Trader reaction to this zone is likely to set the tone of the market today.

Daily Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to an uptrending Gann angle at 2665.00 and the 50% level at 2659.25.

Holding above 2665.00 will signal the presence of buyers. This could drive the index into a steep downtrending Gann angle at 2694.00.

Overtaking 2694.00 will indicate the buying is getting stronger with the next target the short-term 50% level at 2703.75. This is a possible trigger point for an acceleration into 2741.75.

A sustained move under 2659.25 will signal the presence of sellers. This could trigger a spike into the Fibonacci level at 2628.50. This is another trigger point for an acceleration into an uptrending Gann angle at 2597.00.

If 2597.00 fails as support, look for the break to extend into the next Gann angle at 2563.00. This is the last potential support angle before the 2529.00 main bottom.