E-mini S&P 500 Index (ES) Futures Technical Analysis – November 29, 2017 Forecast

December E-mini S&P 500 Index futures are trading higher shortly after the cash market opening. Given the prolonged move up in terms of price and time and today’s higher-high move, the only thing investors have to worry about is a closing price reversal top. This makes yesterday’s close at 2626.00 the most important level on the daily chart.

A break back under 2626.00 will indicate the presence of sellers. A close under this level will set up the index for the start of a 2 to 3 day correction.

The index is currently trading on the strong side of a steep uptrending angle, moving at a pace of 8 points per session from the 2555.50 main bottom. It comes in at 2627.50 today. Holding above this angle will put the index in an extremely bullish position. A break under it will be the first sign of weakness.

A combination of a break below the angle and a closing price reversal top could trigger the start of an acceleration to the downside. If the market is hit with aggressive counter-trend selling then we could see an eventual break into the next uptrending angle at 2591.50 over the near-term.

Watch the price action at 2627.50 early in the session. Then watch the price action at 2626.00. Trader reaction to these two levels will tell us if the buyers or sellers are in control.