E-mini S&P 500 Index (ES) Futures Technical Analysis – 3125.50 – 3189.75 Primary Upside Target

March E-mini S&P 500 Index futures are trading mixed shortly before the cash market opening after posting a stellar performance on Monday. Going into today’s session investors were optimistic G-7 central bankers would announce both monetary and fiscal measures in an attempt to offset the impact of the coronavirus on the global economy, Instead they failed to impress investors with their decision to use policy tools to curb an economic slowdown.

At 13:51 GMT, March E-mini S&P 500 Index futures are trading 3072.25, up 7.25 or +0.24%.

Daily March E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2853.25 will signal a resumption of the downtrend. The main trend will change to up on a move through 3397.50.

On the downside, the major support zone is 2876.75 to 2753.75. This zone stopped the selling at 2853.25 on Friday.

The short-term range is 3397.50 to 2853.25. Its retracement zone at 3125.50 to 3189.75 is the primary upside target. Since the main trend is down according to the daily swing chart, look for sellers on the first test of this retracement zone. Short-sellers are going to try to form a secondary lower top. Buyers are going to try to drive the index through this zone.

Daily Technical Forecast

There is no trigger point today, but if the upside momentum continues then look for a potential rally into the short-term 50% level at 3125.50. This is followed closely by a downtrending Gann angle at 3141.50.

Taking out 3141.50 could trigger a surge into the Fibonacci level at 3189.75. Taking out 3189.75 will indicate the buying is getting stronger with the next target angle dropping in at 3269.50.

On the downside, the first target is an uptrending Gann angle at 2981.25. This is followed by a series of uptrending Gann angles at 2917.25, 2885.25 and 2869.25. The latter is the last potential support angle before the major 50% level at 2876.75 and he main bottom at 2853.25.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.