E-mini S&P 500 Index (ES) Futures Technical Analysis – November 1, 2018 Forecast

Based on yesterday’s close and the early trade, the direction of the December E-mini S&P 500 Index on Thursday is likely to be determined by trader reaction to the 50% level at 2713.50.
James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are called higher based on the pre-market trade. The market is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 2824.25 will change the main trend to up. A move through 2603.00 will signal a resumption of the downtrend.

The minor trend is up according to the daily swing chart. This is why momentum is trending higher.

The major retracement zone is 2701.50 to 2748.50. Inside this zone is another retracement zone at 2713.50 to 2739.75. The index is currently trading inside these zones. They are controlling the near-term direction of the market.

Daily Technical Forecast

Based on yesterday’s close and the early trade, the direction of the December E-mini S&P 500 Index on Thursday is likely to be determined by trader reaction to the 50% level at 2713.50.

A sustained move over 2713.50 will indicate the presence of buyers. The first upside target is a downtrending Gann angle at 2736.25. This is followed by a Fibonacci level at 2739.75, followed by the major 50% level at 2748.50.

The 50% level at 2748.50 is a potential trigger point for an acceleration to the upside with the downtrending Gann angle at 2780.25 the next upside target.

A sustained move under 2713.50 will signal the presence of sellers. The first target is a support cluster at 2701.75 to 2699.00

If 2699.00 fails as support then look for a potential acceleration to the downside with the next target angle coming in at 2651.00.

Basically, look for an upside bias to develop on a sustained move over 2748.50, and for a downside bias to develop on a sustained move under 2701.75.


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