E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 23, 2015 Forecast

December E-mini Dow Jones Industrial Average futures are trading better shortly before the regular session opening. The pre-market turnaround by the Dow may be being fueled by the strong rebound rally in crude oil.

Technically, the main trend is up according to the daily swing chart. Its current price at 17821 has it breathing on the November 4 main top at 17906. A trade through this level will reaffirm the uptrend.

Based on Friday’s close at 17801, the direction of the market is likely to be determined by trader reaction to the nearest angle at 17802.

A sustained move over 17802 will indicate the presence of buyers. The first upside objective is another angle at 17854. This is followed by last week’s high at 17884 and the main top at 17906.

A sustained move under 17802 will signal the presence of sellers. The first downside objective is the potential support cluster at 17698 to 17692.

There may be a technical bounce on the first test of the support cluster, but if it fails the daily chart signals there is plenty of room to the downside. If a new range forms between 17052 and 17884 then the primary downside target becomes its pivot zone at 17468 to 17370.

Watch the price action and read the order flow at 17802. Trader reaction to this angle will tell us whether the bulls or the bears are in control.