E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 30, 2015 Forecast

December E-mini Dow Jones Industrial Average futures are trading lower in the pre-market session. The main trend is up according to the daily swing chart, however, investors seem to be rejecting the market near the November 4 main top. This could be indicating a change in investor sentiment and a possible shift in momentum to down.

The main trend is up according to the daily swing chart. If a main range forms between 17052 and 17884 then its retracement zone at 17468 to 17370 will become the primary downside target.

Based on Friday’s close at 17801, the tone of the market is likely to be determined by trader reaction to downtrending angles at 17838 and 17770.

A sustained move over 17838 will indicate the presence of buyers. This could create enough upside momentum to challenge a pair of highs at 17875 and 17884. These are the last two potential resistance levels before the 17906 main top.

A sustained move under 17770 will signal the presence of sellers. The first target is the short-term pivot at 17749. This price is also controlling the direction of the market.

The pivot at 17749 is also a trigger point for an acceleration to the downside. This could trigger a break into the potential support cluster at 17634 to 17628. This area is also a trigger point for a steep sell-off.

The daily chart opens up under 17628 with the next target the main 50% level at 17468.

Watch the price action and read the order flow at 17838 and 17770 today. Look for a bullish tone to develop on a sustained move over 17838. A bearish tone will develop on a sustained move under 17770. Another trigger point for a downside break comes in at 17749.