E-mini S&P 500 Index (ES) Futures Technical Analysis – May 14, 2018 Forecast

June E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. Last week, the index cleared a potential resistance angle and appears to have enough upside momentum to challenge the next potential resistance angle.

Daily Technical Analysis

The nearest support is a downtrending Gann angle at 2721.25. The more important support is a steep uptrending Gann angle at 2703.25. This angle, moving at a rate of 16 points per day, has been guiding the index higher since May 3.

The next upside target is a downtrending Gann angle at 2764.25.

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 downtrending Gann angle at 2721.25.

A sustained move over 2721.25 will indicate the presence of buyers. If this creates enough upside momentum today, we could see a drive into the next downtrending Gann angle at 2764.25.

A sustained move under 2721.25 will signal the presence of sellers. Crossing to the weak side of this angle will indicate the selling is getting stronger. This could trigger a move into the major support angle at 2703.25.

Now that we’ve crossed to the strong side of the downtrending angle at 2721.25, it will be up to momentum to drive the index into the next objective.