E-mini S&P 500 Index (ES) Futures Technical Analysis – Struggling to Turn Higher into Close

June E-mini S&P 500 Index futures are edging higher late in the session on Friday as investors square positions ahead of the weekend. The trade is choppy with prices recovering from an early setback led by a rebound in Facebook and energy stocks. Helping to stop the price slide was a dip in U.S. Treasury yields.

At 19:39 GMT, June E-mini S&P 500 Index futures are trading 3915.25, up 9.25 or +0.24%.

Facebook Inc rose 4.1%, providing the biggest boost to the S&P 500, after Chief Executive Mark Zuckerberg said Apple Inc’s imminent privacy policy changes on ad sales would leave the social network in a “stronger position.”

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, but momentum shifted to the downside with the formation of a potentially bearish closing price reversal top on Thursday and its subsequent confirmation earlier today.

A trade through 3978.50 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend changes to down on a move through 3710.50.

The new minor range is 3978.50 to 3875.00. Its 50% level at 3926.75 is the first upside target.

The short-term range is 3710.50 to 3978.50. Its 50% level at 3844.50 is the first downside target.

The main range is 3648.00 to 3978.50. Its retracement zone at 3813.25 to 3774.25 is the primary downside target and potential value area.

Daily Swing Chart Technical Forecast

The late session price action suggests 3926.75 will be the key level to watch into Friday’s close.

Bullish Scenario

A close over 3926.75 on Friday could give the index an early upside bias next week.

Bearish Scenario

A rejection at and a close under 3926.75 will indicate the presence of sellers. They will be trying to form a potentially bearish secondary lower, which basically means they could try to take a run at 3844.50 then 3813.25 to 3774.25.

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