E-mini S&P 500 Index (ES) Futures Technical Analysis – October 24, 2017 Forecast

December E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. There was no follow-through to the downside following yesterday’s potentially bearish closing price reversal top.

Daily Technical Analysis

The main trend is up according to the daily swing chart. Yesterday’s closing price reversal top doesn’t mean the trend is changing, but it may be an indication that the selling is greater than the buying at current price levels.

A trade through 2577.25 will negate the chart pattern and signal a resumption of the uptrend.

A move through 2561.50 will confirm the closing price reversal top chart pattern.

A move through 2542.50 will change the minor trend to down.

The short-term range is 2542.50 to 2577.25. Its retracement zone at 2559.75 to 2555.75 is the first downside target.

The main range is 2485.00 to 2577.25. Its retracement zone at 2531.00 to 2520.25 is the primary downside target.

Daily Forecast

Based on the current price at 2567.75 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the uptrending angle at 2569.00.

Overtaking 2569.00 will indicate the presence of buyers. This could drive the index into the long-term uptrending angle at 2575.25. Overtaking 2577.25 could trigger another surge to the upside.

The failure to overcome 2569.00 will signal the presence of sellers or the lack of buyers. This could attract more selling pressure with the first targets a 50% level at 2559.75 and a Fibonacci level at 2555.75.

The daily chart opens up to the downside under 2555.75 with the next major target 2542.50. This price is another trigger point for an acceleration into 2531.00, 2527.00 and 2520.25.