E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 20, 2015 Forecast

December E-mini Dow Jones Industrial Average futures are trading higher during the pre-market session. The market inched higher earlier in the session after taking out yesterday’s high.

The main trend is up according to the daily swing chart. However, upside momentum has slowed from earlier in the week when the Dow was moving at a clip better than 256 points per day from the 17052 main bottom.

Based on yesterday’s close at 17707, the direction of the market today is likely to be determined by trader reaction to the downtrending angle at 17714.

A sustained move over 17714 will signal the presence of buyers. This could create enough upside momentum to challenge the nearest downtrending angle at 17810. Taking out this angle could trigger a further move into the next downtrending angle at 17858. This is the last potential resistance angle before the 17906 main top.

A sustained move under 17714 will indicate the presence of sellers. This could lead to the start of an acceleration to the downside with 17564 the next downside target.

Watch the price action and read the order flow at 17714 today. This will tell us whether the bulls or the bears are in control.