E-mini S&P 500 Index (ES) Futures Technical Analysis – December 9, 2016 Forecast

December E-mini S&P 500 Index futures are trading flat shortly before the cash market opening. The main trend is up according to the daily swing chart. Momentum is also to the upside. Nonetheless, we are in the window of time for a closing price reversal top.

Based on the last price at 2247.75, the key uptrending angle to watch comes in at 2243.00. This angle, moving up 16 points per day, has been guiding the market higher since December 5.

Crossing to the weak side of the angle at 2247.75 will signal a shift in momentum to down. This could trigger an acceleration into the next support angle at 2211.00.

The major uptrending angle and the one controlling the long-term direction of the market comes in at 2196.50.

I like the long side today as long as the index holds the angle at 2243.00.