E-mini S&P 500 Index (ES) Futures Technical Analysis – March 15, 2019 Forecast
At 13:43 GMT, March E-mini S&P 500 Index futures are trading 2819.50, up 12.25 or +0.44%.
Daily March E-mini S&P 500 Index
Daily Technical Analysis
The main trend is up according to the daily swing chart. Today’s test of 2821.50 signaled a resumption of the uptrend. The index isn’t close to turning the trend to down, but due to the steep rally, we could see a closing price reversal top. This chart pattern won’t change the main trend to down, but it could trigger the start of a 2 to 3 day counter-trend correction.
Daily Technical Forecast
Based on the early price action, the direction of the March E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to yesterday’s close at 2807.25.
A sustained move over 2807.25 will indicate the presence of buyers. If this move continues to generate enough upside momentum then look for the rally to possibly extend into the November 8 main top at 2824.50. Taking out this level could trigger a surge into the October 17 main top at 2831.25. This is the trigger point for an acceleration to the upside.
A sustained move under 2807.25 will signal the presence of sellers. This will put the index in a position to post a potentially bearish closing price reversal top. The first downside target is the steep uptrending Gann angle at 2802.00.
The Gann angle at 2802 has been guiding the index higher since the March 8 bottom at 2722.00. If it fails to hold as support then look for an acceleration to the downside. The daily chart indicates there is plenty of room to the downside with the next major target the uptrending Gann angle at 2762.00 today.