E-mini S&P 500 Index (ES) Futures Technical Analysis – November 19, 2015 Forecast

December E-mini S&P 500 Index futures are inching higher shortly before the cash market opening.

Based on the current price at 2087.00, the key level to watch is a downtrending angle at 2086.25. Trader reaction to this angle should set the tone for the day.

A sustained move over 2086.25 will signal the presence of buyers. This may create enough upside momentum to challenge a steep uptrending angle at 2094.50. Crossing to the bullish side of this angle will put the market in an extremely strong position with the next target a downtrending angle at 2098.25.

A sustained move under 2086.25 will indicate that sellers are regaining control. The daily chart indicates there is room to the downside with the first target a downtrending angle at 2062.25. This is followed by a steep uptrending angle at 2046.50.

Watch the price action and read the order flow at 2086.25 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control.