E-mini S&P 500 Index (ES) Futures Technical Analysis – November 10, 2017 Forecast

December E-mini S&P 500 Index futures are expected to open lower based on the pre-market trade. The index is trading inside yesterday’s wide range which suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, on Thursday, momentum shifted to the downside with the formation of a new main top at 2594.50 and a change in trend to down on the minor daily swing chart.

A trade through 2594.50 will signal a resumption of the uptrend. A move through 2563.25 will indicate the downside momentum is getting stronger. This could eventually lead to a test of the next minor bottom at 2541.50.

The short-term range is 2594.50 to 2563.25. Its 50% level or pivot is 2579.00.

The intermediate range is 2541.50 to 2594.50. Its retracement zone is 2568.00 to 2561.75. This zone provided support on Thursday at 2563.25.

The main retracement zone is 2531.00 to 2520.00.

Daily Forecast Analysis

Based on the early trade today, the direction of the index is likely to be determined by trader reaction to the short-term pivot at 2579.00.

A sustained move under 2579.00 will signal the presence of sellers. This could lead to a retest of the intermediate retracement zone at 2568.00 to 2561.75. Since the trend is up, buyers may come in again to defend the trend.

If 2561.75 fails as support then look for the selling to continue into the long-term uptrending angle at 2553.00. The daily chart opens up to the downside under this angle with potential targets coming in at 2541.50 and 2531.00.

A sustained move over 2579.00 will indicate the presence of buyers. If this creates enough upside momentum then we could see a further rally into 2594.50.

Volume may be light today because of the U.S. bank holiday.