E-mini S&P 500 Index (ES) Futures Technical Analysis – March 26, 2019 Forecast

June E-mini S&P 500 Index futures are trading higher on Monday as a rise in Treasury yields helped ease fears over a U.S. recession.

At 12:58 GMT, the index is trading 2819.25, up 12.50 or +0.45%.

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. The main trend is currently safe with the nearest main bottom coming in at 2726.50.

The minor trend is also up. The new minor bottom is 2789.50. A trade through this minor bottom will change the minor trend to down. This will also shift momentum to the downside.

The main range is 2726.50 to 2866.00. Its retracement zone at 2796.25 to 2779.75 is controlling the near-term direction of the index. On Monday, the index found support inside this zone at 2789.50.

The minor range is 2866.00 to 2789.50. Its 50% level or pivot at 2827.75 is the primary upside target. Trader reaction to this price level will determine the direction of the next move.

Daily Technical Forecast

Based on the early price action and the current price at 2819.25, the direction of the June E-mini S&P 500 Index today is likely to be determined by trader reaction to an uptrending Gann angle at 2822.50 and a downtrending Gann angle at 2818.00.

Bullish Scenario

A sustained move over the uptrending Gann angle at 2822.50 will indicate the presence of buyers. This could lead to a quick test of the pivot at 2827.75. This price is a potential trigger point for an acceleration into a downtrending Gann angle at 2842.00.

Bearish Scenario

A sustained move under the downtrending Gann angle at 2818.00 will signal the presence of sellers. The first target is an uptrending Gann angle at 2806.50. Taking out this angle could trigger an acceleration into the 50% level at 2796.25.

If 2796.25 fails as support then look for the selling to extend into the minor bottom at 2789.50 with the Fibonacci level at 2779.75 the next potential downside target.