E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 2, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The market received a boost early in the session after the release of blowout earnings from Apple, a component of the Dow.

After the early session rally, the Dow began to retreat from its high, but remained higher for the session as it approached the opening.

The main trend is up according to the daily swing chart. There is no resistance so this rally is likely to end with a dramatic chart pattern like a closing price reversal top. This chart pattern will not mean the trend is changing to down, but it could signal the start of a 2 to 3 day correction.

The key uptrending angle that has been guiding the Dow higher since July 24 is at 21892 today. Look for the rally to continue as long as this angle holds as support. It is moving up at a rate of 64 points per day. On Thursday, this angle comes in at 21956 so I’d like to see a close above this angle today, or the market will open under pressure tomorrow.