E-mini S&P 500 Index (ES) Futures Technical Analysis – October 19, 2017 Forecast

December E-mini S&P 500 Index futures are trading sharply lower based on the pre-market trade. Although the price action is extreme, the trend hasn’t turned down, but maybe momentum has shifted to the downside.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2562.25 will signal a resumption of the uptrend.

The main range is 2485.00 to 2562.25. If the downside momentum continues then its retracement zone at 2523.50 to 2514.50 will become the primary downside target. An uptrending angle passes through this zone at 2521.00, making it a valid downside target.

Daily Forecast

Based on the current price at 2546.00 and the earlier price action, we’re looking for the downside pressure to continue unless buyers can overcome a pair of uptrending angles at 2551.00 and 2563.25.

These angles are new resistance.

If the selling pressure continues then the index should eventually complete a retracement of the last swing from 2485.00 to 2562.25. This makes 2523.50 to 2514.50 the best downside target.

Last week’s close was 2552.75. The market is currently trading lower for the week, putting it in a position to form a potentially bearish weekly closing price reversal top. This price level could act as resistance today.