E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 20, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are called steady to better based on the pre-market trade. The volume is light and there is a danger of a closing price reversal top. However, a change in trend to down is unlikely.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A sustained move over the former main top at 25661 will indicate buyers are defending the uptrend. The daily chart shows no obvious resistance at this time.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average futures contract today is likely to be determined by trader reaction to the steep uptrending Gann angle at 25723.

A sustained move over 25723 will indicate the presence of strong buying.

A sustained move under 25723 will signal the return of sellers. Turning lower for the session will indicate the selling is getting stronger. This could trigger an acceleration to the downside with the next target angle coming in at 25339.

Basically, look for an upside bias to develop on a sustained move over 25723 and for a downside bias to develop on a sustained move under 25674.

The formation of a closing price reversal top will not indicate a change in trend, but it will signal that the selling is greater than the buying at current price levels. This could trigger the start of a 2 to 3 day correction.