E-mini S&P 500 Index (ES) Futures Technical Analysis – September 6, 2017 Forecast

September E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. The pre-market range is tight and the market is trading inside yesterday’s range. This indicates investor indecision and impending volatility.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2479.75 will indicate the presence of buyers. This could drive the market into the next main top at 2488.50.

The main range is 2488.50 to 2415.75. Its retracement zone is 2460.75 to 2452.00. The index straddled this zone on Tuesday. Today, it is straddling the Fibonacci level at 2460.75.

The short-term range is 2421.00 to 2479.75. Its retracement zone is 2450.25 to 2443.50. This zone stopped the selling on Tuesday and should be considered support.

Forecast

Based on the current price at 2463.00 and the earlier price action, the direction of the index today is likely to be determined by trader reaction to the price cluster formed by the steep uptrending angle at 2461.00 and the Fibonacci level at 2460.75.

A sustained move over 2461.00 will indicate the presence of buyers. This could drive the market into the downtrending angle at 2468.50. Overcoming this angle could drive the market into the next downtrending angle at 2478.50 and the main top at 2479.75.

A sustained move under 2460.75 will signal the presence of sellers. This could trigger an acceleration into a pair of 50% levels at 2452.00 and 2450.25.

If 2450.25 fails as support then look for a further decline into a Fibonacci level at 2443.50 and an uptrending angle at 2441.00.

The selling pressure could increase if 2441.00 fails. This could lead to a further decline into 2431.00. This is the last major support angle before a pair of bottoms at 2421.00 and 2415.75.