E-mini S&P 500 Index (ES) Futures Technical Analysis – March 6, 2019 Forecast

March E-mini S&P 500 Index futures are trading lower but in a tight range. Traders are attempting to claw back today’s earlier weakness. Volume and volatility are light for a second session since Monday’s steep sell-off. Furthermore, the index is trading inside that range, suggesting investor indecision and impending volatility.

At 14:17 GMT, March E-mini S&P 500 Index futures are trading 2791.25, down $0.25 or -0.01%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Monday when sellers took out 2775.00. A trade through 2819.75 will reaffirm the downtrend.

On Monday, the index formed a potentially bearish closing price reversal top. A trade through 2767.50 will confirm this potentially bearish chart pattern. This could trigger the start of a 2 to 3 day correction.

The short-term range is 2729.00 to 2819.75. Its retracement zone at 2774.25 to 2763.75 is support. This zone stopped the selling on Monday at 2767.50.

The main range is 2680.75 to 2819.75. Its retracement zone at 2750.25 to 2733.75 is the next downside target and potential support zone.

Daily Technical Forecast

Based on the early price action, the first downside target is the uptrending Gann angle at 2777.00. This is followed closely by the short-term 50% level at 2774.25. Counter-trend buyers could come in on a test of this area.

If 2774.50 fails then look for the selling to extend into the next support cluster at 2767.50 to 2763.75. The latter is a potential trigger point for an acceleration into 2750.25 to 2748.75.

On the upside, the first target is 2799.00, followed by 2816.75. Overtaking the latter will put the market in a bullish position.