E-mini S&P 500 Index (ES) Futures Technical Analysis – May 7, 2018 Forecast

June E-mini S&P 500 Index futures are expected to open higher based on the premarket trade. Traders continue to respond to last week strong price action in Apple and higher energy prices today.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. It turned down last Thursday. However, a two day rally has put it in a position to change the trend back to up on a move through 2682.25.

Taking out 2682.25 with conviction could drive prices into 2718.50. A move through 2591.25 will signal a resumption of the downtrend with 2552.00 the next likely target.

The short-term range is 2552.00 to 2718.50. Its retracement zone at 2635.25 to 2615.50 is new support.

The intermediate range is 2807.25 to 2718.50. Its 50% level or pivot comes in at 2679.75 Crossing to the bullish side of this level will start to give the index an upside bias.

The main range is 2883.25 to 2532.50. Its retracement zone at 2708.00 to 2749.25 is the primary upside target.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the main 50% level at 2679.75.

The inability to overcome 2679.75 will indicate the presence of sellers. This could drive the index back into 2635.25 to 2615.50.

A sustained move over 2679.75 will signal the presence of buyers. This will give the index an upside and likely trigger a breakout over 2682.25. This will change the main trend to up and could fuel an even stronger rally into 2708.00 then 2718.50.