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E-mini S&P 500 Index (ES) Futures Technical Analysis – October 5, 2017 Forecast

By:
James Hyerczyk
Published: Oct 5, 2017, 13:06 UTC

December E-mini S&P 500 Index futures are called flat to higher based on the pre-market trade. Volume and volatility are light heading into the U.S.

E-mini S&P 500 Index

December E-mini S&P 500 Index futures are called flat to higher based on the pre-market trade. Volume and volatility are light heading into the U.S. cash market opening.

E-mini S&P 500 Index
Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2538.00 will signal a resumption of the uptrend.

Today’s session begins with the index in the “window of time” for a closing price reversal top. If the index takes out 2538.00 then watch yesterday’s close at 2536.25 the rest of the session because a close under this level will form the potentially bearish closing price reversal top.

Daily Forecast

Taking out 2538.00 will mean that buyers are still controlling the price action. Taking out this level then breaking back under 2536.25 will indicate the selling is greater than the buying at current price levels. This won’t mean the trend is changing but it could lead to a 2 to 3 day correction.

Taking out yesterday’s low at 2529.00 will indicate a change in the chart pattern. This could trigger a break into the long-term uptrending angle at 2523.25. We could see a technical bounce on the first test of this angle.

If 2523.25 fails as support then look for the selling to extend into the short-term uptrending angle at 2517.00. Once again, look for the technical bounce. A failure at this angle will likely drive the index into the short-term retracement zone at 2511.50 to 2505.25.

Basically we’re looking for the rally to continue, or form a closing price reversal top. Just keeping it simple.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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