E-mini S&P 500 Index (ES) Futures Technical Analysis – Pivot into Close is 2984.50; Seeing Trump BounceThe new minor range is 2903.75 to 3065.50. Its 50% level at 2984.50 is controlling the direction of the index on Friday.
June E-mini S&P 500 Index futures are edging lower late in the session on Friday, but clawing back earlier losses as traders braced for an upcoming news conference on U.S.-China relations from President Donald Trump.
The benchmark index began to cut its losses after a Bloomberg News report said Trump was not pulling the U.S. from the phase one trade deal with China. A reporter from PBS NewsHour also said the announcement would not include additional tariffs or changes to the existing trade agreement.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through yesterday’s high at 3065.50 will signal a resumption of the uptrend. A move through 2903.75 will change the main trend to down.
The minor trend is also up. Today’s price action turned 3065.50 into a new minor top.
The main range is 3397.75 to 2174.00. Its retracement zone at 2930.25 to 2785.75 is controlling the longer-term direction of the index. Holding above this zone will continue to give the market a solid upside bias. The nearest support is the main Fibonacci level at 2930.25.
Daily Swing Chart Technical Forecast
The new minor range is 2903.75 to 3065.50. Its 50% level at 2984.50 is controlling the direction of the index on Friday.
A sustained move over 2984.50 will indicate the presence of buyers. If this creates enough upside momentum then look for a retest of yesterday’s high at 3065.50. This is a potential trigger point for an acceleration to the upside.
A sustained move under 2984.50 will signal the presence of sellers. This could trigger an acceleration to the downside with 2930.25 to 2903.75 the best downside target.
The main bottom at 2903.75 is a potential trigger point for an even stronger break with 2785.75 to 2765.50 the next target zone.