E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 17, 2015 Forecast

December E-mini Dow Jones Industrial Average futures are called higher shortly before the regular session opening. Buyers came in early in the session, driving the market through yesterday’s high and confirming Monday’s closing price reversal bottom.

The main trend is up according to the daily swing chart. Momentum shifted back to the upside yesterday after an eight day sell-off.

The main range is 17906 to 17052. Its retracement zone at 17479 to 17580 is currently being tested. Aggressive counter-trend sellers are likely to come in on a test of this zone in an effort to form a potentially bearish secondary lower top. Buyers are going to try to drive the market through this zone in an effort to make 17052 a new higher bottom.

Based on the current price at 17501, the direction of the market is likely to be determined by trader reaction to the 50% level at 17479.

A sustained move over 17479 will signal the presence of buyers. This could create enough upside momentum to trigger a rally into the Fibonacci level at 17580. This is followed closely by a downtrending angle at 17618.

The angle at 17618 is also a trigger point for an acceleration to the upside with the next potential target coming in at 17762.

A sustained move under 17479 will indicate the presence of sellers. This could lead to a break into a pair of steep uptrending angles at 17308 and 17181.

Watch the price action and read the order flow at 17479 today. Trader reaction to this price will tell us whether the bulls or the bears are in control.