E-mini S&P 500 Index (ES) Futures Technical Analysis – November 27, 2015 Forecast

December E-mini S&P 500 Index futures inched higher during Thursday’s abbreviated electronic session. Volume was well below average due to the U.S. bank holiday. We could be looking at similar price action today.

Based on the close at 2095.25, the direction of the market today is likely to be determined by trader reaction to the downtrending angle at 2092.25.

A sustained move over 2092.25 will signal the presence of buyers. The first upside objective is another downtrending angle at 2101.25. This is the last potential resistance angle before the 2110.25 main top.

A trade through 2110.25 will signal a resumption of the uptrend. This could create enough upside momentum to challenge the July 20 main top at 2118.50.

A sustained move under 2092.25 will indicate the presence of sellers. Increased selling pressure under this angle could lead to an acceleration to the downside with the next major targets coming in at 2074.25 and 2070.50.

Today is also the ninth day up from the 1998.50 bottom on November 16 so the index is in the window of time for a closing price reversal top.

Watch the price action and read the order flow at 2092.25 today. This will tell us whether the bulls or the bears are in control.