E-mini S&P 500 Index (ES) Futures Technical Analysis – September 14, 2018 Forecast

September E-mini S&P 500 Index futures are expected to open higher based on the pre-market trade. The trading range is tight as the market inches towards its all-time high. Earlier today the government reported that U.S. retail sales recorded their smallest gain in six months in August. The Commerce Department said retail sales edged up 0.1 percent last month, the smallest since February.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2917.50 will signal a resumption of the uptrend. A trade through 2865.00 will change the main trend to down.

The short-term range is 2917.50 to 2865.00. Its retracement zone is 2897.50 to 2891.25. This zone is new support. Holding above this zone will help sustain the upside bias.

The main range is 2803.00 to 2917.50. If the trend changes to down then its retracement zone at 2860.25 to 2846.75 will become the primary downside target.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the downtrending Gann angle at 2912.00. This angle was tested earlier. It is also the last potential resistance angle before the 2917.50 main top.

A sustained mover over 2912.00 will indicate the presence of buyers with 2917.50 the next target. Taking out this price will produce a new all-time high. This could trigger an acceleration to the upside since there is no resistance.

When there is no resistance, traders have to rely on chart patterns to determine tops. The best pattern to watch for is the daily closing price reversal top.

A sustained move under 2912.00 will signal the presence of sellers. This could trigger a move into the next downtrending Gann angle at 2906.00.

The angle at 2906.00 is also the trigger point for an acceleration to the downside with targets, the Fibonacci level at 2897.50, the 50% level at 2891.25 and an uptrending Gann angle at 2887.00.