E-mini S&P 500 Index (ES) Futures Technical Analysis – September 7, 2018 Forecast

September E-mini S&P 500 Index futures are trading lower shortly before the release of the August Non-Farm Payrolls report and the cash market opening.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 2917.50 will signal a resumption of the uptrend.

The minor trend is down. This is controlling the downside momentum. The next minor bottom comes in at 2846.25.

The minor range is 2846.25 to 2917.50. The index is currently testing its retracement zone at 2882.00 to 2873.50.

The main range is 2803.00 to 2917.50. Its retracement zone at 2860.25 to 2846.75 is the primary downside target. Since the main trend is up, buyers are likely to show up on a test of this zone.

Daily Technical Forecast

Based on the current price at 2874.00, the direction of the September E-mini S&P 500 Index today is likely to be determined by trader reaction to the minor Fibonacci level at 2873.50.

A sustained move over 2873.50 will indicate the presence of buyers. This could lead to a test of the minor 50% level at 2882.00.

Taking out 2882.00 will indicate the buying is getting stronger. This could trigger a rally into the downtrending Gann angle at 2893.50. Look for a technical bounce on the first test of this angle.

Overtaking 2893.50 could trigger an acceleration to the upside with the next target angles coming in at 2905.50 and 2911.50. The latter is the last potential resistance angle before the 2917.50 main top.

A sustained move under 2873.50 will signal the presence of sellers. This could lead to a quick test of the uptrending Gann angle at 2867.00. Watch for a technical bounce on the first test of this angle.

If 2867.00 fails as support, we could see a break into the main retracement zone at 2860.25 to 2846.75. Look for buyers to show up on a test of this area.

Basically, we’re looking for a bullish tone to develop on a sustained move over 2882.00 and a bearish tone on a sustained move under 2873.50.