E-mini S&P 500 Index (ES) Futures Technical Analysis – November 20, 2017 Forecast

December E-mini S&P 500 Index futures are expected to open nearly flat after recovering from early session weakness. The big concern today should be the volume and volatility. This is a holiday-shortened week and it often features the lowest volume of the year. Be prepared for false breakouts and be careful buying strength and selling weakness.

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 move through 2555.50 will indicate the selling is getting stronger.

The main retracement zone is 2568.00 to 2561.75. This zone is support.

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

Daily Technical Forecast

Based on the earlier price action, the direction of the index today is likely to be determined by trader reaction to the pivot at 2575.00.

A sustained move over 2575.00 will indicate the presence of buyers. This could trigger a fast rally into a downtrending angle at 2580.50. This is a possible trigger point into a pair of downtrending angles at 2587.50 and 2591.00. The latter is the last potential resistance angle before the 2594.50 main top.

A sustained move under 2575.00 will signal the presence of sellers. This could trigger an acceleration into the next 50% level at 2568.00. This is followed closely by a long-term uptrending angle at 2565.00 and a Fibonacci level at 2561.75.

Once again the main concern is the volume. Try not to get trapped buying strength or selling weakness on low volume. The major players are likely to sit out this week which means you’ll be trading against robots.