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

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 June E-mini S&P 500 Index

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US