E-mini S&P 500 Index (ES) Futures Technical Analysis – December 1, 2017 Forecast

December E-mini S&P 500 Index futures are expected to open slightly lower on Friday as investors await the outcome of the Senate vote on tax reform. A vote to pass the tax overhaul plan is expected to provide support for the index.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade though 2658.50 will signal a resumption of the uptrend. A trade through 2621.75 will make 2658.50 a new minor top.

The main range is 2555.50 to 2658.50. If there is a steep sell-off then its retracement zone at 2607.00 to 2594.75 will become the primary downside target.

Daily Technical Forecast

Based on the current price at 2645.75, the direction of the index today is likely to be determined by trader reaction to the steep uptrending angle at 2643.50.

A sustained move over 2643.50 will signal the presence of buyers. This could generate the upside momentum needed to challenge yesterday’s high at 2658.50.

A sustained move under 2643.50 will indicate the presence of sellers. The daily chart is wide open under this angle with the first target the 50% level at 2607.00 and an uptrending Gann angle at 2599.50.