E-mini S&P 500 Index (ES) Futures Technical Analysis – September 20, 2017 Forecast

December E-mini S&P 500 Index futures are trading slightly lower during the pre-market session. Volume is low as investors prepare for the release of the Federal Open Market Committee announcements at 1800 GMT.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2506.00 will signal a resumption of the uptrend. A move through 2487.00 will change the main trend to down.

The short-term range is 2487.00 to 2506.00. Its 50% level or pivot is 2496.50. This level is controlling the short-term direction of the market.

The main range is 2419.25 to 2506.00. Its retracement zone at 2462.50 to 2452.25 is the primary downside target.

Daily Forecast

Based on the current price at 2505.00 (0812 GMT) the first support angle comes in at 2499.00. Under this angle is the short-term pivot and the next uptrending angle at 2493.00. This is the last potential support angle before the 2487.00 main bottom.

The trend will change to down on a move under 2487.00. This could trigger an acceleration to the downside with the next major support a long-term uptrending angle at 2479.25. This is the last potential support angle before the main 50% level at 2462.50.

Overcoming the high at 2506.00 will indicate the presence of buyers. This could create enough upside momentum to challenge the steep uptrending angle at 2511.00. Overcoming this angle and sustaining the move will put the index in an extremely strong position.

Look for volatility with the release of the FOMC monetary policy statement and economic projections at 1800 GMT.