E-mini S&P 500 Index (ES) Futures Technical Analysis – October 2, 2017 Forecast

December E-mini S&P 500 Index futures posted an all-time high during the pre-market session. This signaled a resumption of the uptrend. A trade through 2485.00 will change the main trend to down.

The current chart pattern is not complicated at all except if you’re a counter-trend trader trying to pick a top.

The best topping signal will be a daily closing price reversal top. Since we’ve already had the higher-high, the most important number becomes Friday’s close at 2516.00. A close under this level will form the reversal top.

The nearest support is a long-term uptrending Gann angle at 2511.25. This angle has guided the market higher since August 29.

The short-term uptrending angle at 2505.00 is the next support level, followed by another uptrending angle at 2495.00.

The upside momentum looks strong so playing the upside is still the best thing to do. However, cut back on the buying if the index breaks below 2516.00. Start thinking about an exit strategy if the market closes under this level.