E-mini S&P 500 Index (ES) Futures Technical Analysis – November 30, 2015 Forecast

December E-mini S&P 500 Index futures are trading flat shortly before the cash market opening. The index is currently making a recovery from an early session setback. Since early last week, the index has been trading sideways to higher, a little below the November high at 2110.25. This could be a sign that upside momentum is slowing or that investor sentiment may be shifting.

Based on Friday’s close at 2090.00, the direction of the market is likely to be determined by trader reaction to the downtrending angle at 2092.25.

A sustained move over 2092.25 will indicate the presence of buyers. The first upside target is last week’s high at 2098.25. This is followed by another downtrending angle at 2101.25. This is the last potential resistance angle before the 2010.25 main top.

A sustained move under 2092.25 will signal the presence of sellers. The daily chart shows there is room to the downside with the next targets a downtrending angle at 2074.25 and an uptrending angle at 2070.50.

The angle at 2070.50 is the trigger point for an acceleration to the downside. The first target is last week’s low at 2065.50.

The main range is 1998.50 to 2098.25. Its retracement zone is 2048.25 to 2036.50. This area is the primary downside target.

Watch the price action and read the order flow at 2092.25. Trader reaction to this angle will tell us whether the bulls or the bears are in control.