E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – Needs to Hold 4148.50 to Sustain Upside Momentum

June E-mini S&P 500 Index futures are inching lower in the pre-market session as investors get ready for a busy week of earnings, economic reports and Fed comments. The benchmark index is basically mirroring the mixed price action in the Asian and European markets.

At 09:01 GMT, June E-mini S&P 500 Index futures are trading 4166.75, down 4.75 or -0.11%.

According to CNBC, the week ahead is a major one of corporate earnings, with about a third of the S&P 500 set to update investors on how their businesses fared during the three months ended March 31. Some of the largest companies in the world are scheduled to publish results this week such as Apple, Microsoft, Amazon and Alphabet.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 4186.75 will reaffirm the uptrend. The main trend will change to down on a trade through 4110.50.

The minor range is 4110.50 to 4186.75. Its 50% level at 4148.50 is potential support.

The short-term range is 3843.25 to 4186.75. If the main trend changes to down then look for the selling to possibly extend into the retracement zone at 4015.00 to 3974.50.

Daily Swing Chart Technical Forecast

The direction of the June E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the pivot at 4148.50.

Bullish Scenario

A sustained move over 4148.50 will indicate the presence of buyers. If this move can create enough upside momentum then look for a retest of the record high at 4186.75. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 4148.50 will signal the presence of sellers. If this move is able to create enough downside momentum then look for the selling to possibly extend into the main bottom at 4110.50. Taking out this level will change the main trend to down. This could trigger a quick break into the minor bottom at 4101.25.

The minor bottom at 4101.25 is a potential trigger point for an acceleration to the downside. The daily chart indicates there is plenty of room to the downside under this level with the short-term retracement zone at 4015.00 to 3974.50 the next likely target.

For a look at all of today’s economic events, check out our economic calendar.

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.