E-mini S&P 500 Index (ES) Futures Technical Analysis – Strong Upside Momentum Could Lead to Test of 2880.50

Based on the early price action and the current price at 2851.00, the direction of the June E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the main 50% level at 2843.75.
James Hyerczyk
E-mini S&P 500 Index

June E-mini S&P 500 Index futures are trading higher at the mid-session on Wednesday. The bench mark index turned around after early session weakness threatened to dismantle the attempted recovery. The market began its recovery on news that President Donald Trump plans to delay the implementation of auto tariffs. The news, which was first reported by Bloomberg News, sent auto stocks higher. Additionally, three sources told CNBC the administration will delay those levies by up to six months.

At 16:24 GMT, June E-mini S&P 500 Index futures are trading 2851.00, up 11.75 or +0.42%. Earlier in the session, the index traded as low as 2815.00.

Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum shifted to the upside when buyers confirmed yesterday’s closing price reversal bottom.

A trade through 2799.75 will negate the closing price reversal bottom and signal a resumption of the downtrend. The trend isn’t close to turning up, but there is room for a 50% to 61.8% correction.

The minor trend is also down. A trade through 2893.00 will change the minor trend to up. This will also shift momentum to the upside.

The main range is 2726.50 to 2961.25. Buyers are trying to establish a support base at its retracement zone at 2843.75 to 2816.00.

The short-term range is 2961.25 to 2799.75. Its retracement zone at 2880.50 to 2899.50 is the first upside target. Since the main trend is down, sellers are likely to come in on a test of this zone.

Daily Technical Forecast

Based on the early price action and the current price at 2851.00, the direction of the June E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the main 50% level at 2843.75.

Bullish Scenario

A sustained move over 2843.75 will indicate the presence of buyers. The next target is an uptrending Gann angle at 2861.75. This is a potential trigger point for an acceleration to the upside with the next targets the short-term 50% level at 2880.50 and the downtrending Gann angle at 2881.25.

Bearish Scenario

A sustained move under 2843.75 will signal the presence of sellers. If this move attracts enough selling pressure then look for the break to extend into a cluster of levels at 2825.75, 2820.50 and 2816.00.

Crossing to the weak side of a downtrending Gann angle at 2801.25 will put the market in a bearish position.

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