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E-mini S&P 500 Index (ES) Futures Technical Analysis – June 15, 2018 Forecast

September E-mini S&P 500 Index futures are trading lower during the pre-market session. The index is being pressured by weakness in Asia in reaction to the news that President Trump appears to be ready to move ahead with tariffs on China.

E-mini S&P 500 Index
Daily September 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 2796.00 will signal a resumption of the uptrend.

Momentum has been trending lower since the formation of the closing price reversal top on Wednesday. This potentially bearish chart pattern was confirmed on Thursday.

The minor trend is also up. A trade through 2755.75 will change the minor trend to down.

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The minor range is 2755.75 to 2796.00. Its retracement zone is 2775.75 to 2771.00. This zone is currently being tested. It stopped the selling at 2772.25 on Thursday.

The next support is a major Fibonacci level at 2755.25.

The main range is 2679.25 to 2796.00. If the selling continues over the near-term then its retracement zone at 2737.50 to 2723.75 will become the primary downside target.

Daily Swing Chart Technical Forecast

Based on the current price at 2774.50 and the early price action, the direction of the September E-mini S&P 500 Index is likely to be determined by trader reaction to the minor 50% level at 2775.75.

A sustained move under 2775.75 will signal the presence of sellers. This could trigger a further break into 2772.25 then the minor Fibonacci level at 2771.00.

The Fib level at 2771.00 is the trigger point for an acceleration to the downside with the next targets coming in at 2755.75 and 2755.25.

The minor trend will change to down on a move through 2755.25. This could trigger a further break into 2737.50.

A sustained move over 2776.00 will signal the presence of buyers. If this generates enough upside momentum, we could see a retest of 2796.00. Taking out this level will negate the reversal top which could trigger an acceleration into the March 13 main top at 2814.00.

This article was originally posted on FX Empire

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