E-mini S&P 500 Index (ES) Futures Technical Analysis – November 26, 2015 Forecast
December E-mini S&P 500 Index futures finished higher on Wednesday in limited price action. Volume and volatility are also expected to be below average today because of the U.S. bank holiday. The cash market is closed and trading will be limited to a shortened electronic session.
Based on yesterday’s close at 2088.00, the first angle to watch comes in at 2093.25. Trader reaction to this angle will likely set the tone for the session.
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A sustained move over 2093.25 will signal the presence of buyers. The first target is a minor top at 2094.50. This is followed by another downtrending angle at 2101.75. This is the last potential resistance angle before the 2110.25 main top.
Taking out 2110.25 will signal the resumption of the uptrend with the next major target the July 20 main top at 2118.50.
A sustained move under 2093.25 will indicate the presence of sellers. The daily chart is open to the downside with the next target another downtrending angle at 2076.25. This is also a trigger point for a steep move into 2062.50.
Watch the price action and read the order flow at 2093.25 today. This price is likely to act like a pivot. Don’t expect too much price action because of the holiday market. Be prepared to take advantage of one trading opportunity today.