E-mini S&P 500 Index (ES) Futures Technical Analysis – September 18, 2017 Forecast
Increased demand for higher risk assets is driving the December E-mini S&P 500 Index futures contract higher on Monday. Investors are also looking ahead to the start of the U.S. Federal Reserve’s 2-day monetary policy meeting on Tuesday.
Investors do not expect the central bank to hike rates, however, it is expected to announce the unwinding of its massive $4.5 trillion portfolio. Market expectations for a December Fed rate hike are now at 52.9 percent, however, according to the CME Group’s Fedwatch tool.
Daily Technical Analysis
The main trend is up according to the daily swing chart. There is no resistance so the best topping signal will be a closing price reversal top. A trade through 2487.00 will change the main trend to down.
Daily Forecast
Based on the current price at 2501.75, the nearest support angle comes in at 2495.00. Additional angles come in at 2491.00 and 2489.00. The latter is the last support angle before the 2487.00 main bottom.
If 2487.00 is taken out with conviction then look for an acceleration to the downside with the major uptrending angle at 2471.25 the next likely target.
This article was originally posted on FX Empire
