E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 17, 2015 Forecast

September E-mini Dow Jones Industrial Average futures are trading flat shortly before the cash market opening. The main trend is down according to the daily swing chart. Today’s session is likely to begin with the Dow trading inside a short-term retracement zone. Trader reaction to this zone will set the tone for the day.

The short-term range is 17721 to 17079. Its retracement zone at 17400 to 17476 is currently being tested.

Crossing to the strong side of the Fib level at 17476 will signal the presence of buyers. It will also mean the Dow is trading on the strong side of a steep uptrending angle at 17463.

A sustained move over 17476 could trigger a surge into a 50% level at 17577. This is followed by a Fibonacci level at 17695 and a downtrending angle at 17723. The daily chart opens up over 17723 with the next target a downtrending angle at 17899. This is the last potential resistance angle before the 18075 main top.

A sustained move under the 50% level at 17400 will signal the presence of sellers. Minor support comes in at 17371.

The best downside targets are uptrending angles at 17271, 17175 and 17031. The latter is the last potential support before the 17079 main bottom.

The current price is 17440. Look for a bullish tone to develop over 17476 and a bearish tone under 17400.