FXEMPIRE
All

E-mini S&P 500 Index (ES) Futures Technical Analysis – September 21, 2018 Forecast

Based on the early trade, the direction of the December E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to 2939.50. Basically, the index needs to close higher or a closing price reversal top will form. Additionally, the angle at 2931.50 is the trigger point for a potential acceleration to the downside.  
James Hyerczyk
E-mini S&P 500 Index
E-mini S&P 500 Index

December E-mini S&P 500 Index futures are called steady shortly before the cash market opening. There was a slight follow-through to the upside earlier in the session, confirming the uptrend, but the market turned lower once the buying dried up. Due to the prolonged move up in terms of price and time and the early price action, traders have to be aware of the possibility of a closing price reversal top.

Daily December E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out yesterday’s high. There is no upside target at this time. The market is being driven by momentum and will continue to move higher as long as the momentum is trending higher.

A closing price reversal top and subsequent confirmation will shift momentum to the downside. Based on the early price action, since we’ve already had the higher-high, all we need is a lower close to form the potentially bearish chart pattern. Therefore, keep an eye on trader reaction to yesterday’s close at 2939.50 the rest of the session.

Daily Technical Forecast

Based on the early trade, the direction of the December E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to 2939.50.

A sustained move over 2939.50 will indicate the presence of buyers. A move through the intraday high at 2945.50 will indicate the buying is getting stronger.

A sustained move under 2939.50 will signal the presence of sellers. If this generates enough downside momentum then look for a test of the steep uptrending Gann angle at 2931.50. Look for a technical bounce on the first test of this angle.

We could see a steep break if 2931.50 fails as support. The daily chart indicates there is plenty of room to the downside with the next target a support cluster at 2911.25, 2909.50 and 2907.50.

Basically, the index needs to close higher or a closing price reversal top will form. Additionally, the angle at 2931.50 is the trigger point for a potential acceleration to the downside.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US