E-mini S&P 500 Index (ES) Futures Technical Analysis – March 20, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open marginally higher on Tuesday. There was no follow-through to the downside after yesterday’s steep sell-off.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been to the downside since the closing price reversal top was formed at 2807.25 on March 13.

The main range is 2651.75 to 2807.25. Its 50% level or pivot is 2729.50.

The short-term range is 2807.25 to 2697.25. Its 50% level or pivot comes in at 2752.25. This price is the primary upside target.

The market is currently trading inside another major retracement zone at 2707.75 to 2749.25.

On the downside, a 50% level at 2669.75 should be considered support.

The best upside target is a potential resistance cluster at 2749.25 to 2752.25. This area is also a trigger point for an acceleration to the upside.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the 50% level at 2729.50.

A sustained move under 2729.50 will indicate the presence of sellers. This could lead to a retest of the 50% level at 2707.75 and yesterday’s low at 2697.25.

Look for a possible acceleration to the downside if 2697.25 fails as support with 2669.75 the next major target.

Overcoming and sustaining a rally over 2729.50 will signal the presence of buyers. This move could create the upside momentum needed to challenge 2749.25 to 2752.25.

Overtaking 2752.25 could trigger an acceleration to the upside.