E-mini S&P 500 Index (ES) Futures Technical Analysis – May 30, 2019 Forecast

June E-mini S&P 500 Index futures are called higher based on the pre-market trade. The index is being boosted by a rise in U.S. Treasury yields, which eased concerns about a recession. Bank shares are being supported early by the rise in yields. This is helping to drive the banking sector higher, a key component of the board-based benchmark index.

Stocks are also being supported by the slightly-better-than-expected U.S. Gross Domestic Product (GDP) report. This news helped provide some relief at a time when recession fears are accelerating.

At 12:58 GMT, June E-mini S&P 500 Index futures are trading 2788.25, up 8.25 or +0.31%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2766.25 will signal a resumption of the downtrend. A trade through 2894.00 will change the main trend to up. This is highly unlikely, but there is room for a short-term retracement to the upside. The market is also down nine sessions from its last top, which puts it inside the window of time for a closing price reversal bottom.

On the upside, the nearest resistance is a Fibonacci level at 2816.25. This is followed by a 50% level at 2844.00.

Daily Technical Forecast

If the early upside momentum continues then look for the intraday rally to possible extend into the downtrending Gann angle at 2801.25. Since the main trend is down, sellers could come in on the first test of this angle. If buyers can overtake this angle then look for the buying to possibly extend into the Fib level at 2816.25, followed by another downtrending Gann angle at 2822.00.

If the selling pressure resumes on Thursday then look for sellers to make a run at yesterday’s low at 2766.25. Taking out this level could drive the index into a long-term uptrending Gann angle at 2742.50.