E-mini S&P 500 Index (ES) Futures Technical Analysis – September 13, 2017 Forecast

September E-mini S&P 500 Index futures are called lower based on the pre-market trade. The index ticked higher early in session before weaker overseas market encouraged investors to sell.

Technical Analysis

The main trend is up according to the daily swing chart. The index is highly unlikely to change its trend to down, but it is in the window of time for a potentially bearish closing price reversal top. We’ve already had the higher-high, now all we need is a lower close to make the reversal.

This chart pattern will not change the trend to down, but it could lead to a 2 to 3 day correction.

A break under the previous top at 2488.50 will indicate the selling is greater than the buying at current price levels.

Forecast

Based on the current price at 2492.25, the direction of the market today is likely to be determined by trader reaction to the steep uptrending angle at 2501.00.

A sustained move under 2501.00 will indicate the presence of sellers. This could trigger a break into the former top at 2488.50. If this price fails as support then we could see the start of a meaningful sell-off. The next major uptrending angle comes in at 2461.00.

Overcoming and sustaining a rally over 2501.00 will signal the presence of buyers. This will also put the index in an extremely bullish position.