E-mini S&P 500 Index (ES) Futures Technical Analysis – Nearest Retracement Zone Target is 3345.75 – 3335.75

March E-mini S&P 500 Index futures are expected to open sharply lower based on the pre-market trade. The market is being pressured after Apple said Monday it does not expect to meet its second-quarter forecast for revenue. The company did not provide an updated forecast for its fiscal second-quarter revenue on Monday. Shares of Apple traded about 2.6% lower in the premarket.

At 13:54 GMT, March E-mini S&P 500 Index futures are trading 3367.25, down 13.75 or -0.41%.

Daily March E-mini S&P 500 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 3388.50 will signal a resumption of the uptrend. The main trend will change to down on a move through 3303.50.

The minor trend is also up. A trade through 3348.50 will change the main trend to down. This will shift momentum to the downside.

The short-term range is 3303.50 to 3388.50. Its retracement zone at 3345.75 to 3335.75 is a potential downside target. Since the main trend is up, buyers are likely to come in on a test of this area.

The main range is 3212.75 to 3388.50. Its retracement zone at 3300.50 to 3280.00 is the next retracement zone. This area represents value so look for buyers on a test of this zone.

Daily Technical Forecast

If the early downside momentum continues on Tuesday then look for a break into an uptrending Gann angle at 3343.50. Watch for buyers on the first test of this angle.

If 3343.50 fails as support then look for the selling to possibly extend into the short-term 50% level at 3345.75. This is followed by the short-term Fibonacci level at 3335.75.

The Fib level at 3335.75 is a potential trigger point for an acceleration to the downside with a major target angle at 3303.75 the next major downside 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.