E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – April 12, 2019 Forecast

June E-mini S&P 500 Index futures are expected to open sharply higher based on the pre-market trade. The rally is being fueled by stronger-than-expected results from banking giant J.P. Morgan Chase on the first day of quarterly earnings season. Shares of the banking giant jumped more than 2.5% shortly before the cash market opening. The bank’s better-than-forecast profit was driven by the “impact of higher rates.”

At 13:07 GMT, June E-mini S&P 500 Index futures are trading 2909.75, up 18.00 or +.62%.

E-mini S&P 500 Index
Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out the previous main top at 2900.00. The main bottom is 2789.50. The trend will change to down on a move through this level. Due to the prolonged move up in terms of price and time, we still have to watch for a closing price reversal top, however, the early upside momentum suggests the market is likely to close higher today.

The minor trend is also up. A trade through 2877.25 will change the minor trend to down. This will change the minor trend to down and shift momentum to the downside.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 Index futures contract the rest of the session is likely to be determined by trader reaction to the long-term uptrending Gann angle at 2911.00.

Bullish Scenario

A sustained move over 2911.00 will indicate the buying is getting stronger. If this move generates enough upside momentum then look for the rally to extend into the next uptrending Gann angle at 2926.50. Overcoming this angle will put the index in a bullish position.

Bearish Scenario

A sustained move under 2911.00 will signal the presence of sellers. This could lead to a retest of the uptrending Gann angle at 2901.50. The market could turn bearish if this angle fails as support with 2877.25 the next target.

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.