E-mini S&P 500 Index (ES) Futures Technical Analysis – November 10, 2017 Forecast
December E-mini Dow Jones Industrial Average futures are expected to open lower based on the pre-market trade. The market is trading inside yesterday’s range which suggests investor indecision and impending volatility.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The minor trend turned down on Thursday, taking momentum with it.
Your capital is at risk
A trade through 23557 will signal a resumption of the uptrend. A trade though 23260 will mean the downside momentum is increasing. This could lead to tests of minor bottoms at 23203 and 22951.
The short-term range is 23557 to 23260. Its 50% level or pivot is 23409.
The intermediate range is 22951 to 23557. Its retracement zone is 23254 to 23182. This zone provided support on Thursday when the market bounced from 23260.
The main range is 22174 to 23557. Its retracement zone at 22866 to 22702 is the primary downside target.
Daily Technical Forecast
Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to the pivot at 23409.
A sustained move under 23409 will signal the presence of sellers. This could trigger a break into a short-term uptrending angle at 23262, yesterday’s low at 23260, the 50% level at 23254, a long term uptrending angle at 23221 and a Fibonacci level at 23182.
Let’s just say there is a support zone at 23262 to 23182. Since the trend is up, we could see a technical bounce on a test of this area.
If 23182 fails as support then look for the selling to accelerate to the downside with potential targets coming in at 22866 and 22702.
A sustained move over 23409 will indicate the presence of buyers. If this generates enough upside momentum then look for a possible move into 23557 and beyond.
Volume could be light today because of the U.S. bank holiday. Therefore, be careful selling weakness and buying strength.