E-mini S&P 500 Index (ES) Futures Technical Analysis – Near-Term Upside Target is 2696.50 – 2799.00

June E-mini S&P 500 Index futures are called higher, as investors try to produce a second day of gains for the benchmark index. The market is being led higher by across the board buying, mostly in the technology-sector. Tech shares are bouncing as investors bet the sector can weather a recession. Shares of Microsoft were up more than 6% in premarket trading.

At 12:59 GMT, June E-mini S&P 500 Index futures are trading 2405.75, up 16.75 or +0.70%.

Daily June E-mini S&P 500 Index

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2262.00 will signal a resumption of the downtrend.

The main trend will change to up on a move through 3131.00. This is highly unlikely, but there is room for a normal 50% to 61.8% retracement.

The minor trend is also down, but today’s higher-high chart pattern created a new minor bottom at 2262.00.

The short-term range is 3131.00 to 2262.00. Its retracement zone at 2696.50 to 2799.00 is the primary upside target.

Daily Technical Forecast

There is no trigger point in the market on the daily chart today. All the moves will be momentum based.

If momentum shifts to the upside then we’re likely to see a rally into a resistance cluster formed by a 50% level and a pair of downtrending angles. This area is 2696.50, 2715.00 and 2725.75.

If momentum resumes its downtrend, then look for a pullback into a steep downtrending Gann angle at 2299.00.

Crossing to the weak side of the Gann angle at 2299.00 will put the index in a bearish position. This should lead to a test of this week’s low at 2262.00. This price is a potential trigger point for an acceleration to the downside.

Side Notes

Essentially, the continuation of the early rally comes down to whether investors can hold above the steep downtrending Gann angle at 2299.00.

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.