E-mini S&P 500 Index (ES) Futures Technical Analysis – Weekly Chart Shows Plenty of Room to Upside with 3029.50 Major Target

Based on last week’s price action and the close at 2924.75, the direction of the September E-mini S&P 500 Index this week is likely to be determined by trader reaction to the short-term Fibonacci level at 2932.50.
James Hyerczyk
Weekly E-mini S&P 500 Index

September E-mini S&P 500 Index futures finished higher for the first time in five weeks, setting the stage for a continuation of the rally this week. The rally was fueled by a shift in sentiment to “risk-on” after the United States and China agreed to resume trade talks on Thursday, September 5. This news helped ease tensions over a possible recession despite an inversion of the 2-year/10-year Treasury market yield curve that is often used to predict this economic phenomenon.

Last week, September E-mini S&P 500 Index futures settled at 2924.75, up 69.25 or +2.37%.

Weekly Sept E-mini S&P500 Index

Weekly Swing Chart Technical Analysis

The main trend is up according to the weekly swing chart. A trade through 3029.50 will signal a resumption of the uptrend. A move through 2775.75 will change the main trend to down.

The main range is 2347.25 to 3029.50. Its retracement zone at 2688.25 to 2607.75 is major support. This zone is controlling the longer-term trend.

The intermediate range is 2732.25 to 3029.50. Its retracement zone at 2880.75 to 2845.75 is support. This is the last support before the 2775.75 main bottom.

The short-term range is 3029.50 to 2775.75. Its retracement zone at 2902.50 to 2932.50 is resistance. This zone is controlling the near-term direction of the market.

Weekly Swing Chart Technical Forecast

Based on last week’s price action and the close at 2924.75, the direction of the September E-mini S&P 500 Index this week is likely to be determined by trader reaction to the short-term Fibonacci level at 2932.50.

Bullish Scenario

A sustained move over 2932.50 will indicate the presence of buyers. Taking out last week’s high at 2944.25 will indicate the buying is getting stronger. This could trigger an acceleration to the upside with the next major target the all-time high at 3029.50.

Bearish Scenario

A sustained move under 2932.50 will signal the presence of sellers. This could lead to a labored break with potential support levels coming in at 2902.50, 2880.75 and 2845.75.

Taking out 2845.75 will indicate the selling is getting stronger. This could lead to a test of the minor bottom at 2810.25. Breaking through this minor bottom will change the minor trend to down and shift momentum to the downside.

A failure at 2775.75 will change the main trend to down with the next targets a main bottom at 2732.25 and the major 50% level at 2688.25.

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

Top Promotions

Top Brokers

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