E-mini S&P 500 Index (ES) Futures Technical Analysis – November 27, 2017 Forecast

December E-mini S&P 500 Index futures are trading slightly higher shortly before the cash market opening. Earlier in the session, the market reached a new contract high before retreating. Investors should expect the uptrend to continue because of the strong momentum, however, they should be aware that the market is in the window of time to post a potentially bearish closing price reversal top.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 2604.50 will signal a resumption of the uptrend.

A trade through 2589.50 will change the minor trend to down.

The main range is 2555.50 to 2604.50. Its retracement zone is 2580.00 to 2574.25.

Daily Technical Forecast

Based on the earlier price action, the direction of the index today is likely to be determined by trader reaction to Friday’s close at 2601.00.

A sustained move over 2601.00 will indicate the presence of buyers. This may create the upside momentum needed to challenge the intraday high at 2604.50.

Taking out 2604.50 with conviction will indicate the buying is getting stronger. The next upside target is a steep uptrending angle at 2611.50. Overtaking this angle will put the index in an extremely bullish position.

A sustained move under 2601.00 will signal the presence of sellers. This will also put the index in a position to post a potentially bearish closing price reversal by the end of the session.

On the downside, the first target is the minor bottom at 2589.50, followed by an uptrending Gann angle at 2583.50.