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E-mini S&P 500 Index (ES) Futures Technical Analysis – Trader Reaction to 4147.00 Sets Short-Term Tone

By:
James Hyerczyk
Published: Apr 21, 2021, 20:14 UTC

The direction of the June E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to the pivot at 4147.00.

E-mini S&P 500 Index

In this article:

June E-mini S&P 500 Index futures are trading higher late in the session on Wednesday, recovering from two days of selling pressure. Nine of the 11 major S&P 500 sectors were lower, with communication services, which houses Netflix, tumbling over 1%. The streaming service provider kicked off quarterly earnings for technology behemoths with a disappointing report.

At 20:00 GMT, June E-mini S&P 500 Index futures are trading 4164.75, up 38.25 or +0.93%.

Daily June E-mini S&P 500 Index

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 move through the nearest main bottom at 3843.25.

The minor trend is also up. A trade through 4101.25 will change the minor trend to down. This will also shift momentum to the downside. A trade through 4167.25 will make 4110.25 a new minor bottom.

The minor range is 4183.50 to 4110.50. The index is currently trading on the strong side of its 50% level or pivot at 4147.00.

The short-term 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 zone.

Daily Swing Chart Technical Forecast

The direction of the June E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to the pivot at 4147.00.

Bullish Scenario

A sustained move over 4147.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for a test of 4183.50. Taking out this level could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 4147.00 will signal the presence of sellers. This could trigger a break into 4110.50, followed by 4101.25. Taking out this level will change the minor trend to down. This could trigger the start of an acceleration to the downside.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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