E-mini S&P 500 Index (ES) Futures Technical Analysis – October 10, 2018 Forecast

E-mini S&P 500 Index futures are trading slightly better early Wednesday. Volume and volatility are below average. The index is also trading inside yesterday’s range. This tends to indicate investor indecision and impending volatility.

At 0652 GMT, December E-mini S&P500 Index futures are trading 2889.25, up 1.00 or +0.03%.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2866.00 will signal a resumption of the downtrend. The next main bottom is 2807.00. The main trend will change to up on a move through 2947.00.

The main range is 2807.00 to 2947.00. Its retracement zone is 2877.00 to 2860.50. This zone is controlling the near-term direction of the index. Holding above 2877.00 is helping to give the index an early upside bias.

The minor range is 2947.00 to 2866.00. If the market continues to move higher, then its retracement zone at 2906.50 to 2916.00 will become the primary upside target. Since the main trend is down, sellers could come in on a test of this area.

Daily Swing Chart Technical Forecast

Based on the early price action, look for an upside bias to develop on a sustained move over 2877.00. If this move creates enough upside momentum then look for a rally into 2906.50 to 2916.00.

A move under 2877.00 will signal the presence of sellers. If this move gains traction the look for a break into 2866.00 then 2860.50.

The trigger point for a potential acceleration to the downside is 2860.50. There is no support under this level until 2807.00.