E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 24, 2015 Forecast

September E-mini Dow Jones Industrial Average futures are called sharply lower. Sellers came in heavy during the pre-market session driving the Dow down over 500 points.

The first downside target is the October 15, 2014 main bottom at 15760. This is followed by another target at 15440.

On the upside, the first targets are downtrending angles at 16347 and 16511. The market could accelerate to the upside if 16511 is taken out with conviction with the next major target coming in at 16711. This is also a potential trigger point for an upside breakout into the major 50% level at 17005.

With the market set to open sharply lower, traders need to watch the price action and order flow at 15760. Traders should also be aware of the possibility of a “dead cat bounce” if sellers continue to pound this market.

Today will be all about momentum and not too much about prices.