FXEMPIRE
All

E-mini S&P 500 Index (ES) Futures Technical Analysis – Nearing Upside Targets at 3311.00 and 3318.25

The index has been guided higher by a pair of uptrending Gann angle, moving at a rate of 8 points per day, since early December. Crossing to the strong side of these angles at 3311.00 and 3318.25 will put the index in an extremely bullish position.
James Hyerczyk
E-mini S&P 500 Index Up

March E-mini S&P 500 Index futures are trading near another record high reached earlier in the session. The intraday upside momentum is strong. There is no resistance but there are a pair of uptrending Gann angles guiding the index higher. The only thing bullish investors have to fear at current price levels is a closing price reversal top.

At 19:30 GMT, March E-mini S&P 500 Index futures are trading 3309.00, up 15.25 or +0.47%.

Daily March E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing top. The intraday high is 3309.75. A move through this level will indicate the buying is getting stronger.

The main trend will change to down on a move through 3181.00. This is highly unlikely, but a close under 3293.75 will produce a potentially bearish closing price reversal top.

The short-term range is 3181.00 to 3309.75. Its 50% level at 3245.25 is the first potential downside target level.

Short-Term Forecast

The index has been guided higher by a pair of uptrending Gann angle, moving at a rate of 8 points per day, since early December. Crossing to the strong side of these angles at 3311.00 and 3318.25 will put the index in an extremely bullish position.

On the downside, the nearest support angle comes in at 3277.00. Buyers could come in on the first test of this angle. If it fails as support then look for an acceleration to the downside with the first target coming in at 3245.25.

A close under 3293.75 will form a closing price reversal top. If confirmed, it won’t change the trend to down, but it could lead to a 2 to 3 day correction, or at least a 50% correction of its last rally.  

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
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