E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 27, 2015 Forecast

December E-mini Dow Jones Industrial Average futures attempted to breakout to the upside during Thursday’s holiday shortened-electronic session, but the lack of volume likely caused the market to stop short of taking out the November 20 main top at 17884. There was no follow-through to the upside when the market opened on Friday. Sellers came in early during today’s pre-market session, erasing all of yesterday’s weak gains.

Based on Thursday’s close at 17849, the direction of the market today is likely to be determined by trader reaction to the downtrending angle at 17838.

A sustained move over this angle will signal the presence of buyers. The first three targets are minor highs at 17875 and 17884. Taking out these levels with conviction will likely lead to a test of the November 4 main top at 17906. This is the last major top before the May 19 main top at 18149.

A sustained move under 17838 will indicate the presence of sellers. The first target is another downtrending angle at 17770.

The short-term range is 17623 to 17875. Its pivot at 17749 is the next target. This price is controlling the short-term direction of the market so there may be a technical bounce on the first test of this level.

The daily chart opens up to the downside under 17749 so this pivot should be considered a trigger point for an acceleration to the downside. The next potential support angle comes in at 17628.

Watch the price action and read the order flow at 17838 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control.