E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 12, 2015 Forecast

December E-mini Dow Jones Industrial Average futures are expected to open steady to lower based on the pre-market trade. Traders appear to be waiting for a catalyst before committing to either side of the market. Today, it may be comments from several Fed members, or Friday’s U.S. retail sales report.

The main trend is up according to the daily swing chart.

The main range is 16793 to 17906. Its retracement zone at 17350 to 17218 is the primary downside target. The short-term range is 17906 to 17608. Its pivot at 17757 is dictating the short-term direction of the market.

Based on Wednesday’s close at 17651, trader reaction to the downtrending angle at 17714 will set the early tone for the Dow.

A sustained move over 17714 will signal the presence of buyers. However, any rallies are likely to be labored because of potential resistance at the pivot at 17757, and a pair of downtrending angles at 17810 and 17858. The latter is the last potential resistance angle before the 17906 main top.

A sustained move under 17714 will indicate the presence of sellers. The first minor target is this week’s low at 17608. This is followed closely by a steep downtrending angle at 17522.

Crossing to the weak side of the downtrending angle at 17522 will put the Dow in an extremely weak position. This could trigger an acceleration to the downside with the primary target the main retracement zone at 17350 to 17218.

Watch the price action and read the order flow at 17714 today. Trader reaction to this angle will tell us whether the bulls or bears are in control. If you need further confirmation then watch the reaction at the pivot at 17757.