E-mini S&P 500 Index (ES) Futures Technical Analysis – November 21, 2017 Forecast

December E-mini S&P 500 Index futures are called higher as investors continue to react to strong corporate earnings. There are no major reports today and volume is light due to Thursday’s U.S. holiday so buyers are having their way. Traders seem to have become more optimistic over tax reform even though the Senate debate hasn’t even begun yet.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The strong pre-market rally has put the index in a positon to take out 2594.50. This move will negate the weekly closing price reversal top and signal a resumption of the uptrend.

On the downside, the main support is the retracement zone at 2569.50 to 2563.25. This is followed by a main bottom at 2555.50. A trade through this level will change the main trend to down.

Daily Technical Forecast

Based on the early trade, the only angle standing in way of the top is at 2590.50. Overtaking this angle should great the momentum needed to take out the top.

The inability to overcome 2590.50 will signal the presence of sellers. Crossing to the weak side of the uptrending angle at 2587.50 and the downtrending angle at 2586.50 could trigger an acceleration to the downside with the next target angles coming in at 2578.50 and 2571.50.

Basically, look for the bullish bias to continue on a sustained move over 2590.50 and for a bearish bias to develop on a sustained move under 2586.50.