E-mini S&P 500 Index (ES) Futures Technical Analysis – November 17, 2017 Forecast

December E-mini S&P 500 Index futures are trading flat shortly before the cash market opening. The market has recovered all of its early session loss.

Daily Technical Analysis

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

The short-term range is 2594.50 to 2555.50. Its 50% level or pivot is 2575.00. Holding above this price level is helping to give the index an upside bias.

The main retracement zone at 2568.00 to 2561.75 is support.

Daily Technical Forecast

Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 2582.50.

A sustained move over 2582.50 will indicate the presence of buyers. If this creates enough upside momentum, we could see a drive into a pair of downtrending angles at 2588.50 and 2591.50. The latter is the last potential resistance angle before the 2594.50 main top.

A sustained move under 2582.50 will signal the presence of sellers. The daily chart is open to the downside with the next potential downside target the pivot at 2575.00. This is the trigger point for an acceleration into 2568.00.