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E-mini S&P 500 Index (ES) Futures Technical Analysis – Setting Up for Closing Price Reversal Top

The index is forming a closing price reversal top late Friday. A close under 3276.00 will complete the chart pattern. If confirmed on Monday, we could see the start of a 2 to 3 day or correction with a minimum break into the 50% level at 3234.00.
James Hyerczyk
E-mini S&P 500 Index

March E-mini S&P 500 Index futures are trading lower shortly before the close on Friday. After a tumultuous week of trading due to the geopolitical concerns in the Middle East, traders appears to be willing to book some profits ahead of the weekend. Earlier in the session, the cash and futures S&P 500 Indexes hit record highs.

At 20:46 GMT, March E-mini S&P 500 Index futures are trading 3264.75, down 11.25 or -0.34%.

Daily March E-mini S&P 500 Index

Daily Swing Chart 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. A trade through 3181.00 will change the main trend to down.

The short-term range is 3181.00 to 3287.00. Its 50% level at 3234.00 is a potential downside target.

The intermediate range is 3118.25 to 3287.00. Its 50% level at 3202.50 is the next potential downside target.

The main range is 3071.00 to 3287.00. If the trend changes to down then is retracement zone at 3179.00 to 3153.50 will become the main downside target and value area.

Daily Gann Angle Analysis

On the upside, the resistance is a pair of uptrending Gann angles at 3279.00 and 3286.25. The latter stopped the buying. A move under 3279.00 indicates the selling is getting stronger.

The first downside target is a steep uptrending Gann angle at 3245.00. The second downside target angle is 3213.00.

Key Chart Pattern

The index is forming a closing price reversal top late Friday. A close under 3276.00 will complete the chart pattern. If confirmed on Monday, we could see the start of a 2 to 3 day or correction with a minimum break into the 50% level at 3234.00.

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