E-mini S&P 500 Index (ES) Futures Technical Analysis – March 22, 2017 Forecast

June E-mini S&P 500 Index futures are trading lower during the pre-market session. However, the market is rebounding from its earlier low, suggesting investors may be trying to produce a closing price reversal bottom.

Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Tuesday on the trade through 2351.00.

The main range is 2257.25 to 2397.25. Its retracement zone at 2327.25 to 2310.75 is the primary downside target. An uptrending angle also comes in at 2327.25, making it a valid target. We could see a technical bounce on a test of this area because of aggressive counter-trend buying, profit-taking and short-covering.

Forecast

Based on the current price at 2339.00, the first downside target is the support cluster at 2327.25. Watch for a technical bounce on the first test of this level. If it fails then we could see an acceleration into 2310.75. This is another trigger point for an acceleration into the next angle at 2292.25.

On the upside, the first target is a steep downside target at 2356.75. This is another trigger point for an acceleration into the next angle at 2372.75.

Watch the price action and read the order flow at 2327.25 today. Trader reaction to his potential support cluster will tell us if sellers are increasing pressure.