E-mini S&P 500 Index (ES) Futures Technical Analysis – March 22, 2019 Forecast

June E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. The index is being pressured by concerns over global economic growth after the release of a report showing weaker-than-expected manufacturing in Germany. Additionally, investors continue to absorb the Federal Reserve’s cautious outlook on the U.S. economy.

At 13:46 GMT, June E-mini S&P 500 Index futures are trading 2848.25, down 14.25 or -0.50%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2866.00 will signal a resumption of the uptrend. A move through 2813.75 will change the main trend to down.

The short-term range is 2813.75 to 2865.00. Its 50% level or pivot at 2839.75 is controlling the near-term direction of the index.

The main range is 2726.50 to 2866.00. If the trend changes to down then look for the selling to extend into its retracement zone at 2796.25 to 2779.75.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the steep uptrending Gann angle at 2850.25.

Bullish Scenario

A sustained move over 2850.25 will indicate the presence of buyers. If this move creates enough upside momentum then look for a potential move into yesterday’s high at 2866.00. Overtaking this level could trigger a surge into the uptrending Gann angle at 2886.50. Overtaking this angle will put the index in an extremely bullish position.

Bearish Scenario

A sustained move under 2850.25 will signal the presence of sellers. This could lead to a test of the short-term pivot at 2839.75. Watch for a technical bounce on the first test of this level. If it fails then look for the selling to extend into short-term uptrending Gann angles at 2829.75 and 2821.75. The latter is the last potential support angle before the 2813.75.

The first target angle under 2813.75 comes in at 2806.50. Counter-trend buyers could come in on the first test of this angle. If this angle fails then look for the selling to extend into a support cluster at 2796.25 to 2790.50.