E-mini S&P 500 Index (ES) Futures Technical Analysis – July 7, 2017 Forecast

September E-mini S&P 500 Index futures are trading slightly higher shortly before the release of the U.S. Non-Farm Payrolls report at 1230 GMT and regular session opening.

Technical Analysis

The main trend is down according to the daily swing chart. A trade through 2402.25 will signal a resumption of the downtrend. A move through 2445.00 will change the main trend to up. This is followed by the contract high at 2451.50.

The short-term range is 2451.50 to 2402.25. Its retracement zone at 2427.00 to 2432.75 is the primary upside target. Holding below this zone will give the index a downside bias. Overcoming this zone will shift momentum to the upside.

The main range is 2341.75 to 2451.50. Its retracement zone at 2396.50 to 2383.50 is the primary downside target. We could see a technical bounce on the first test of this zone if aggressive counter-trend buyers come in to support the market.

Look out to the downside if 2382.50 is taken out with conviction. There is no major support until 2341.75.

Forecast

The market is trading over a retracement zone at 2396.50 to 2383.50 and under a retracement zone at 2427.00 to 2432.75. This give the index plenty of room to swing in either direction. I’m just looking for a choppy, two-sided trade today. I don’t think the bigger players will react to the NFP report until next week.