E-mini S&P 500 Index

E-mini S&P 500 Index (ES) Futures Technical Analysis – April 30, 2019 Forecast

The benchmark S&P 500 Index is trading slightly better shortly before the cash market opening. The market is trying to claw back from earlier losses caused by weaker-than-expected Chinese manufacturing PMI data. Better-than-expected earnings from McDonald’s and General Electric are helping to support the strength. However, an earnings disappointment from Alphabet (Google’s parent) is likely limiting gains.

At 12:35 GMT, June E-mini S&P 500 Index futures are trading 2943.75, up 0.75 or +0.03%.

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. A trade through 2951.50 will signal a resumption of the uptrend with the September 28, 2018 top at 2961.25 the next likely upside target. The main trend will change to down on a move through 2889.50.

The minor trend is also up. A move through 2914.25 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 2889.50 to 2951.50. If the selling pressure continues, then look for a pullback into its retracement zone at 2920.50 to 2913.00.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini S&P 500 index futures contract is likely to be determined by trader reaction to the uptrending Gann angle at 2945.50.

Bullish Scenario

A sustained move over 2945.50 will indicate the presence of buyers. This could trigger a rally into 2951.50. This is a potential trigger point for an acceleration into 2961.25. Prices could surge on a move over this price.

Bearish Scenario

A sustained move under 2945.50 will signal the presence of sellers. The daily chart is wide open to the downside under this angle with the next target a potential support cluster at 2920.50 to 2917.50. This is followed by a short-term Fibonacci level at 2913.00.

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.