E-mini S&P 500 Index (ES) Futures Technical Analysis – March 30, 2017 Forecast

June E-mini S&P 500 Index futures are trading lower shortly before the cash market opening. Bullish traders tried to trigger a breakout to the upside, but the volume wasn’t there to continue the move.

Technical Analysis

The main trend is down according to the daily swing chart.

The main retracement zone is 2327.25 to 2310.75. This zone provided support earlier in the week when the market made its low at 2317.75.

The main range is 2388.75 to 2317.75. Its retracement zone at 2353.25 to 2361.75 is the primary upside target. This zone is currently being tested. Trader reaction to this zone is likely to determine the near-term direction of the index.

Since the main trend is down, sellers are defending the zone in an effort to produce a potentially bearish secondary lower top. Buyer are going to try to take out the zone in an effort to make 2317.75 an important secondary higher bottom.

Forecast

Based on the current price at 2355.00 and the earlier price action, the direction of the index is going to be determined by trader reaction to 2361.75 and 2353.25.

A sustained move over 2361.75 will indicate the presence of buyers. This could trigger a fast move into a downtrending angle at 2368.75. Watch for a technical bounce on the first test of this angle. It is also a trigger point for an acceleration into a pair of angles at 2376.25 and 2378.75

A sustained move under 2353.25 will signal the presence of sellers. This could trigger a break into the next uptrending angle at 2341.75. If this price fails then look out to the downside because the next target comes in at 2329.75.