E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 4142.25 Sets Near-Term ToneThe direction of the June E-mini S&P 500 Index futures contract into the close will be determined by trader reaction to 4142.25.
June E-mini S&P 500 Index futures are trading lower late in the session on Monday amid concerns over extremely high valuations. After hitting a record high on Friday, investors are now awaiting solid guidance from the next round of first-quarter earnings to justify the record prices.
At 18:51 GMT, June E-mini S&P 500 Index futures are trading 4152.25, down 24.00 or -0.58%.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
The benchmark index was mostly lower, with the consumer staples and real estate sectors trading near break-even, as analysts await results this week from 79 companies in the benchmark, including Johnson & Johnson, Netflix Inc, Intel Corp, Honeywell and Schlumberger.
Tesla Inc shares fell following a fatal car crash. The electric-car maker was down 3.32% after a Tesla vehicle believed to be operating without anyone in the driver’s seat crashed into a tree on Saturday north of Houston, killing two occupants.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 4183.50 will signal a resumption of the uptrend. The main trend will change to down on a trade through 3843.25.
The minor trend is also up. A trade through 4101.25 will change the minor trend to down. This will shift momentum to the downside.
The minor range is 4101.25 to 4183.50. Its 50% level at 4142.25 is potential support. This level was tested successfully earlier in the session.
The main range is 3843.25 to 4183.50. If the minor trend changes to down then its retracement zone at 4013.25 to 3973.25 will become the primary downside target area.
Daily Swing Chart Technical Forecast
The direction of the June E-mini S&P 500 Index futures contract into the close will be determined by trader reaction to 4142.25.
A sustained move over 4142.50 will indicate the presence of buyers. If this move creates enough upside momentum then look for the move to possibly extend into 4162.75. Overtaking this level could lead to a retest of the minor top at 4183.50.
A sustained move under 4142.25 will signal the presence of sellers. If this move creates enough downside momentum then look for a possible break into the main bottom at 4101.25.