E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 29, 2016 Forecast

September E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market opening. The main trend is up according to the swing chart, but momentum has been shifting to the downside since July 20.

The new short-term range is 18565 to 18293. Its 50% level or pivot is 18429.

The main range is 17618 to 18565. Its retracement zone at 18092 to 17980 is the primary downside target.

Based on the current price at 18348, the first support comes in at 18341. Crossing to the weak side under 18341 will put the Dow in a bearish position. This could drive the market into 18293.

The low at 18293 is the trigger point for an acceleration to the downside with 18162 the next target angle, followed by 18092.

A sustained move over 18341 will indicate the presence of buyers. This could trigger a surge to the upside into a wall of resistance at 18429, 18433 and 18453.

The latter is a potential trigger point for a rally into 18509. This is followed by the main top at 18565.

Watch the price action and read the order flow at 18341 shortly after the opening. This should determine the early direction of the Dow.