E-mini S&P 500 Index (ES) Futures Technical Analysis – December 1, 2015 Forecast

December E-mini S&P 500 Index futures are trading slightly better shortly before the cash market opening. The market is trading inside yesterday’s range, suggesting impending volatility.

The short-term range is 2065.50 to 2098.25. Its retracement zone is 2081.75. Trader reaction to this pivot price will determine the tone of the market today.

A sustained move over 2081.75 will indicate the presence of buyers. The first upside target is a downtrending angle at 2091.75. This is followed by a minor high at 2098.25 and another downtrending angle at 2100.75. The latter is the last potential resistance angle before the 2110.25 main top.

A breakout over 2110.25 will signal a resumption of the uptrend. This may create enough upside momentum to challenge the July 20 main top at 2118.50.

A sustained move under 2081.75 will signal the presence of sellers. This could trigger a fast break into the steep uptrending angle at 2078.50. This is an important angle because it has provided guidance and direction for 10 trading sessions. This makes it a trigger point for a steep break down with 2072.25 the next major target.

The angle at 2072.25 is also a trigger point for an acceleration to the downside with the next major target a short-term 50% level at 2048.25.

Based on the current price at 2087.00, look for a bullish tone to develop on a sustained move over 2091.75 and a bearish tone to develop on a sustained move under 2081.75.