E-mini S&P 500 Index (ES) Futures Technical Analysis – September 12, 2018 Forecast

September E-mini S&P 500 Index futures are trading lower shortly after the cash market opening. The market opened higher, but ran into resistance inside a short-term retracement zone. Traders should watch for volatility later in the session due to an expected announcement from Apple. Traders are also still worried about lingering trade issues.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2865.00 will change the main trend to down. A move through 2917.50 will signal a resumption of the uptrend. It will also make 2865.00 a secondary higher bottom.

The minor trend is also up. A trade through 2867.25 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 2803.00 to 2917.50. Its retracement zone at 2860.25 to 2846.75 is support.

The short-term range is 2917.50 to 2865.00. Its retracement zone at 2891.25 to 2897.50 is the primary upside target. This zone was tested earlier today at 2895.25 and the move was rejected by traders.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the 50% level at 2891.25.

A sustained move under 2891.25 will indicate the presence of sellers. This could trigger a break into a long-term uptrending Gann angle at 2879.00.

The daily chart opens up under 2879.00 with targets coming in at 2867.25, 2865.00 and 2860.25. Look for a technical bounce on the first test of 2860.25. It fails then look for an acceleration to the downside into the Fibonacci level at 2846.75.

A sustained move over 2891.25 will signal the presence of buyers. This could lead to a quick test of 2897.50 and a downtrending Gann angle at 2899.50. Look for a technical bounce on the first test of the angle.

Taking out 2899.50, however, could trigger an acceleration to the upside with the next target angle coming in at 2908.50. This is the last potential resistance angle before the 2917.50 main top.

Basically, look for a downside bias today on a sustained move under 2891.25, and an upside bias to develop on a sustained move over 2897.50.