E-mini S&P 500 Index (ES) Futures Technical Analysis – September 19, 2018 Forecast

December E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. The overnight volume is light and the market is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2917.75 will signal a resumption of the uptrend. The new main bottom is 2883.50. A move through 2883.50 will change the main trend to down.

The short-term range is 2869.50 to 2917.75. Its retracement zone at 2893.50 to 2888.00 is the first support zone.

The main range is 2807.00 to 2921.75. Its retracement zone at 2864.25 to 2850.75 is major support.

Daily Technical Forecast

Based on the current price at 2907.75 and the early price action, the direction of the December E-mini S&P 500 Index is likely to be determined by trader reaction to the downtrending Gann angle at 2908.75.

A sustained move over 2908.75 will indicate the presence of buyers. The first upside target is a downtrending Gann angle at 2915.25. This is followed by yesterday’s high at 2917.75.

Taking out 2917.75 will signal a resumption of the uptrend. If this move creates enough upside momentum then buyers may take a run at 2921.75, the contract high.

A sustained move under 2908.75 will signal the presence of sellers. This could lead to a quick test of a pair of uptrending Gann angles at 2899.00 and 2897.50. Look for a technical bounce on the first tests of these angles.

Watch for an acceleration to the downside if 2897.50 fails as support. This could trigger a break into a series of levels at 2893.50, 2888.00 and an uptrending Gann angle at 2883.50.