E-mini S&P 500 Index (ES) Futures Technical Analysis – September 1, 2017 Forecast

September E-mini S&P 500 Index futures are trading higher shortly before the cash market opening despite the release of a disappointing jobs report. The headline number missed the estimate and forecasts from June and July were also revised down.

Technical Analysis

The main trend is up according to the daily swing chart. If the upside momentum continues then 2488.50 will become the next upside target. There is also the chance of a higher-high, lower-close. This won’t indicate the trend is changed to down, but it could be an indication that the selling is greater than the buying at current price levels.

The main range is 2488.50 to 2415.75. Its retracement zone at 2460.75 to 2452.00 is the next downside target and possible support zone.

Forecast

The key area to watch is a combination of two Gann angles at 2470.50 to 2469.00.

A sustained move over 2470.50 will indicate the presence of buyers. This could drive the index into the next downtrending angle at 2479.50. This is the last potential resistance angle before the 2488.50 main top.

A sustained move under 2469.00 will signal the presence of sellers. This could fuel an acceleration to the downside with the first target 2460.75. If this level fails then look for the selling to extend into a support cluster at 2452.50 to 2452.00.

Basically, look for a bullish tone on a sustained move over 2470.50 and a bearish tone under 2469.00.