Advertisement
Advertisement

E-mini S&P 500 Index (ES) Futures Technical Analysis – November 16, 2017 Forecast

By:
James Hyerczyk
Published: Nov 16, 2017, 14:09 UTC

December E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. The market is currently trading inside yesterday’s

E-mini S&P 500 Index

December E-mini S&P 500 Index futures are trading higher shortly before the cash market opening. The market is currently trading inside yesterday’s range which typically indicates investor indecision and impending volatility.

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

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 2594.50 will signal a resumption of the uptrend.

A trade through 2555.50 will indicate the selling is getting stronger. This could drive the market into the next minor bottom at 2541.50.

The intermediate range is 2541.50 to 2594.50. Its retracement zone at 2568.00 to 2561.75 is currently support.

The short-term range is 2594.50 to 2555.50. Its 50% level or pivot at 2575.00 is currently being tested.

The main retracement zone at 2531.00 to 2520.00 is the primary downside target and most important value zone.

E-mini S&P 500 Index (Close-Up)
Daily December E-mini S&P 500 Index (Close-Up)

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session will likely be determined by trader reaction to the resistance cluster at 2574.50 to 2575.00.

A sustained move over 2575.00 will indicate the presence of buyers. This could trigger an acceleration to the upside with the next target angle coming in at 2584.50. This is followed by a downtrending angle at 2589.50. This is the last potential resistance angle before the 2594.50 main top.

A sustained move under 2574.50 will signal the presence of sellers. This could trigger a quick break into the 50% level at 2568.00.

If 2568.00 fails as support then look for selling to extend into the support cluster at 2561.75 to 2561.00.

The daily chart starts to open up to the downside under 2561.00. The first target is yesterday’s low at 2555.50. This is a possible trigger point for a huge break. The daily chart indicates the next major target is the support cluster at 2531.00.

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.

Did you find this article useful?

Advertisement