Technical analysis for E-mini S & P 500 Index (ES) futures – closing price below 3259.00 forms closing price reversal above



March The E-Mini S&P 500 index futures trade lower at the middle of Friday's session, but the market has recovered more than half of its previous loss. After hitting a record high before the IPO, the benchmark dropped to its lowest level since December 19, in response to escalating tensions between the US and Iran.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "at 17:45 GMT, March E-Mini S & amp; P 500 index Futures trade at 3244.75, down 14.25 or -0.44%. "data-reactid =" 12 "> At 5:45 p.m. GMT, March, the E-mini S & P 500 index futures were down at 3244.75, a drop of 14.25 or -0.44%.

The early price action suggests that the market may be a bearish reversal top. This won't change the trend, but could signal the start of a two to three day break or a 50% correction in the rally that started on December 3rd.

Daily March E-mini S & P 500 index

Daily technical analysis

The main trend is declining according to the daily swing chart. The main trend declined on Friday when the sellers defeated the swing bottom at 3213.00. A trade up to 3263.50 will change the main trend upwards.

The smaller range is between 3263.50 and 3206.75. Its 50% level at 3235.00 controls the direction of the market late in the session.

The second smaller range is between 3192.00 and 3263.50. The 50% value at 3227.75 is an additional intraday support.

The third secondary area is between 3118.25 and 3263.50. The traceability zone is a potential downward target.

The main range is between 3071.00 and 3263.50. The retracement zone at 3167.25 to 3144.50 is the best support and value zone. A break in this zone should attract buyers.

Daily technical forecast

Based on the early price move and the latest price at 3244.75, the direction of the March E-mini S & P 500 Index through Friday's close is likely to be determined by the trader's reaction to the first pivot at 3235.00.

Bullish scenario

A continuing move above 3235.00 indicates the presence of buyers. Overcoming a pair of Gann angles on the uptrend at 3239.00 and 3246.25 indicates that the buy is getting stronger. If this creates enough upward momentum, look for a possible retest of the intraday high at 3263.50.

Bearish scenario

A sustained move below 3235.00 signals the presence of sellers. The first target is 3227.75. This is a potential trigger point for an acceleration to the intraday low at 3206.75.

If 3206.75 fails, look for a 50% sell level at 3190.75 followed by an upward Gann angle at 3182.25.

side note

A closing price below 3259.00 forms a closing price reversal maximum price. If confirmed on Monday, it could result in a 2 to 3 day break or a drop in time from 3167.25 to 3144.50.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This items was originally published on FX Empire "data-reactid =" 40 "> This article was originally published on FX Empire