E-mini S&P 500 Index (ES) Futures Technical Analysis – November 24, 2015 Forecast

December E-mini S&P 500 Index futures posted a slight gain on Tuesday after recovering from an early session setback triggered by an incident between Turkey and Russian near Syria.

The main trend is down according to the daily swing chart. This week’s sideways action suggests investor indecision and a possible shift in momentum to the downside.

Based on the close at 2084.75, traders should pay attention to the downtrending angle at 2094.25 and the downtrending angle at 2078.25. Trader reaction to these angles will likely set the tone for the day.

A sustained move over 2094.25 will signal the presence of buyers. Taking out the minor top at 2094.50 is likely to trigger an acceleration into the next downtrending angle at 2102.25. This is the last potential resistance angle before the 2110.25 main top.

A sustained move under 2078.25 will indicate the presence of sellers. The daily chart is open to the downside with the nearest major support angle coming in at 2054.50. If enough downside momentum is generated by sellers then the retracement zone at 2046.50 to 2035.00 becomes the primary downside target.

Look for an upside bias to develop on a sustained move over 2094.25 but be prepared for a labored rally because of several potential resistance levels.

Look for a downside bias to develop on a sustained move under 2078.25. The daily chart shows that the way of least resistance is down so be prepared for greater volatility.