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E-mini S&P 500 Index (ES) Futures Technical Analysis – Weakens Under 2636.00, Strengthens Over 2711.50

March E-mini S&P 500 Index futures settled higher on Friday to cap off a strong week. The surge was fueled by reports that the United States and China may have offered concessions in an effort to move the two global economic powerhouses closer to a resolution to the on-going trade dispute.

On Friday, the March E-mini S&P 500 Index settled at 2671.50, up 36.25 or +1.36%.

Monday is a U.S. bank holiday and the New York Stock Exchange is closed. We could see limited price action because of light volume and an early futures market close.

Daily March E-mini S&P 500 Index
Daily March E-mini S&P 500 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The next target is the December 12 main top at 2690.25. The uptrend is safe for now, however, due to the prolonged move in terms of price and time, the index is in the window of time for a potentially bearish closing price reversal top.

The minor trend is also up. The minor trend will change to down on a trade through 2596.50. This will also shift momentum to the downside.

The main range is 2955.50 to 2316.75. Its retracement zone at 2636.00 to 2711.50 is controlling the long-term direction of the index. On Friday, the index closed inside this zone.

Daily March E-mini S&P 500 Index (Close-Up)
Daily March E-mini S&P 500 Index (Close-Up)

Daily Swing Chart Technical Forecast

Based on Friday’s price action and the close at 2671.50, the direction of the March E-mini S&P 500 Index on Monday is likely to be determined by trader reaction to the 50% level at 2636.00.

Bullish Scenario

A sustained move over 2636.00 will indicate the presence of buyers. If this move creates enough upside momentum then look for a potential extension into the main top at 2690.50, followed closely by the main Fibonacci level at 2711.50. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 2636.00 will signal the presence of sellers. If this move creates enough downside momentum then look for a potential break into the minor bottom at 2596.50.

Taking out 2596.50 will shift momentum to the downside. This could trigger a further break into a pair of minor bottoms at 2567.25 and 2560.50.

This article was originally posted on FX Empire

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