E-mini S&P 500 Index (ES) Futures Technical Analysis

Following a solid cash market finish, June E-mini S&P 500 Index futures are trading higher late in the session on Friday. Following up on Thursday's comeback bounce, the move shows follow-through purchasing. The recent price action is symptomatic of short-covering as buyers attempt to prevent the benchmark index from plunging into bear market territory, with the fundamentals remaining negative and the daily chart pattern looking awful.

In the cash market, the S&P 500 had its best day since May 4 on Friday. Despite these advances, the index dropped 2.4 percent, marking the longest weekly loss streak since 2011.

Consumer discretionary and information technology gained 4.1 percent and 3.4 percent, respectively, to lead the S&P 500 sectors higher. With over 95% of the S&P 500 closing the day in the green, it was a broad-based rally.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 3855.00. The major trend will turn to up if 4303.00 is broken.

4303.00 to 3855.00 is the minor range. The first probable upward target range is the retracement zone between 4079.00 and 4132.00.

3855.00 to 4036.00 is a second minor range. The closest intraday support is at 3945.50, which is the pivot's pivot.