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E-mini S&P 500 Index (ES) Futures Technical Analysis – November 13, 2015 Forecast

By:
James Hyerczyk
Published: Nov 13, 2015, 12:22 UTC

December E-mini S&P 500 Index futures are trading slightly lower shortly before the U.S. retail sales report at 8:30 a.m. ET and the regular session

Daily E-mini December E-mini S&P 500 Index

December E-mini S&P 500 Index futures are trading slightly lower shortly before the U.S. retail sales report at 8:30 a.m. ET and the regular session opening. Expect volume and volatility to pick-up following the release of the report.

Daily E-mini December E-mini S&P 500 Index
Daily E-mini December E-mini S&P 500 Index

The main trend is down according to the daily swing chart.

The first important range is 1982.50 to 2110.25. Its retracement zone at 2046.50 to 2031.25 is currently being tested. A downtrending angle also passes through this zone at 2046.25, making it a valid level to watch also.

Trader reaction to the retracement zone is likely to set the tone of the market today.

Crossing to the bullish side of the downtrending angle at 2046.25 and the 50% level at 2046.50 will signal the presence of buyers.

The daily chart is wide open to the upside with the next potential target a downtrending angle at 2078.25. Taking out this angle could create enough upside momentum to trigger an even further rally into the next two angles at 2094.25 and 2102.25. The latter is the last potential resistance angle before the 2110.25 main top.

A sustained move under 2046.25 will indicate the presence of selling, but don’t expect an acceleration to the downside unless the Fib level at 2031.25 is taken out with conviction.

The nearest downside target under 2031.25 is a long-term uptrending angle at 1993.00. The primary downside target is a retracement zone at 1985.50 to 1956.25.

Watch the price action and read the order flow at 2046.50 today. Trader reaction to this level will tell us whether the market is going to be bullish or bearish today. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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