E-mini S&P 500 Index (ES) Futures Technical Analysis – Will Late Session Surge Take Out Main Top at 2894.00?

Based on the early price action and the current price at 2879.75, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the Fibonacci level at 2872.50.
James Hyerczyk
E-mini S&P 500 Index

June E-mini S&P 500 Index futures are trading higher at the mid-session on Friday. However, intraday momentum has slowed since the early morning surge. If traders follow the pattern laid out throughout the week then look for another late session rally ahead of the weekend.

The catalyst behind the rally today is the weaker-than-expected U.S. Non-Farm Payrolls report. It sounds counter-intuitive, but the massive miss on payrolls is actually being interpreted as bullish since it increases the chances of a Fed rate cut. And we all know how investors love low interest rates.

At 17:28 GMT, June E-mini S&P 500 Index futures are trading 2879.25, up 33.50 or +1.17%.

Daily June E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, the strong four day rally has put the index in a position to challenge the last main top at 2894.00. A trade through this top will change the main trend to up.

The short-term range is 2894.00 to 2728.75. Its retracement zone at 2830.75 to 2811.25 is new support.

The main range is 2961.25 to 2728.75. The index is also trading on the strong side of this retracement zone at 2845.00 to 2872.50, indicating strong upside momentum. This zone could also develop into support.

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 2879.75, the direction of the June E-mini S&P 500 Index is likely to be determined by trader reaction to the Fibonacci level at 2872.50.

Bullish Scenario

A sustained move over 2872.50 will indicate the buying is getting stronger. If this creates enough late session momentum then look for the rally to possibly extend into the main top at 2894.00. This is a potential trigger point for an acceleration into a downtrending Gann angle at 2909.25.

Bearish Scenario

A sustained move under 2872.50 late in the day will signal the presence of sellers. This could create a labored break with potential targets coming in at 2856.75, followed by 2845.00.


The momentum is there, but will investors be willing to buy strength late in the session in an attempt to take out 2894.00?

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

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.
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.