E-mini S&P 500 Index (ES) Futures Technical Analysis – March 8, 2018 Forecast

March E-mini S&P 500 Index futures are called slightly better shortly before the cash market opening. The sideways price action also indicates investors are looking for clarity over Trump’s tariff plans and the possibility of a trade war. Traders are also rolling over to the June futures contract, which we’ll start analyzing on Friday.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The trend will change to up on a move through 2789.75. A trade through 2647.00 will signal a resumption of the downtrend.

The minor trend is also down. The minor trend will change to up on a move through 2734.50. This will also shift momentum to the upside.

The main range is 2878.50 to 2529.00. Its retracement zone at 2703.75 to 2745.00 is currently being tested. This zone is also controlling the longer-term direction of the market.

The intermediate range is 2529.00 to 2789.75. Its retracement zone at 2659.25 to 2628.50 is new support.

The short-term range is 2647.00 to 2734.50. Its 50% level or pivot at 2690.75 is also minor support.

The major long-term support zone is 2647.00 to 2592.25.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the 50% level at 2703.75.

Holding above 2703.75 will indicate the presence of buyers. This will also give the index an upside bias. If this move generates enough upside bias then look for a move into 2734.50, followed by 2745.00.

Sellers could show up on the first test of 2745.00, but taking it out is likely to trigger an acceleration to the upside with 2789.75 the next major upside target.

A failure to hold 2703.75 will indicate the presence of sellers. This could trigger a quick break into 2690.75.

Look for an acceleration to the downside if 2690.75 fails as support with potential targets at 2659.25 and 2647.00.