E-mini S&P 500 Index (ES) Futures Technical Analysis – September 25, 2017 Forecast

December E-mini S&P 500 Index futures rallied early in the session, but is now trading lower shortly before the cash market opening. Traders are reacting to the Germany election results and issues regarding U.S. healthcare reform.

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 2492.00 will change the minor trend to down and taking out 2487.00 will change the main trend to down.

The short-term range is 2487.00 to 2507.25. Its short-term pivot is 2497.00.

The main range is 2419.25 to 2507.25. If the trend changes to down then its retracement zone at 2463.25 to 2452.75 will become the primary downside target.

Daily Forecast

Based on the current price at 2496.75, the direction of the index the rest of the session is likely to be determined by trader reaction to the short-term pivot at 2497.00.

A sustained move over 2497.00 will indicate the presence of buyers. This could trigger a labored rally with potential resistance angles at 2501.25 and 2504.25. The latter is the last potential resistance angle before the 2507.25 main top. Taking out this level will indicate the buying is getting stronger.

A sustained move under 2497.00 will signal the presence of sellers. This could lead to a break into the minor bottom at 2492.00 and a long-term uptrending angle at 2491.25.

Taking out 2491.25 will indicate the selling pressure is getting stronger. This could lead to a break into the main bottom at 2487.00. This is likely the trigger point for an acceleration to the downside with 2463.25 the next major target.