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E-mini S&P 500 Index (ES) Futures Technical Analysis – September 21, 2017 Forecast

By:
James Hyerczyk
Published: Sep 21, 2017, 13:23 UTC

December E-mini S&P 500 Index futures are trading flat-to-lower shortly before the cash market opening. Yesterday’s Fed announcements triggered a

E-mini S&P 500 Index

December E-mini S&P 500 Index futures are trading flat-to-lower shortly before the cash market opening. Yesterday’s Fed announcements triggered a volatile two-sided trade with bank stocks providing the most support for the index.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2507.25 will signal a resumption of the uptrend. A move through 2487.00 will change the main trend to down.

Traders also have to be aware that the index is in the window of time for a potentially bearish closing price reversal top so watch for a higher-high, lower-close chart pattern. This move will not mean the trend is turning down, but it could indicate that the selling is greater than the buying at current price levels.

The short-term range is 2487.00 to 2507.25. Its 50% level or pivot is 2497.00. This price is controlling the short-term direction of the market.

Last week’s close was 2497.25. This price is also important because a close under this price on Friday will produce a major weekly closing price reversal top.

E-mini S&P 500 Index
Daily December E-mini S&P 500 Index

Daily Forecast

Based on the current price at 2504.00 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the short-term uptrending angle at 2503.00.

A sustained move over 2503.00 will indicate the presence of buyers. This could generate enough upside momentum to take out 2507.25.

The next target angle over 2507.25 is 2519.00. Overcoming this angle will put the index in an extremely bullish position.

A sustained move under 2503.00 will signal the presence of sellers. The next downside targets are 2497.00 and 2495.00.

A failure to hold 2495.00 will likely trigger a break into the main bottom at 2487.00. Taking out this bottom will change the main trend to down with a long-term uptrending angle at 2483.25 the next major target.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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