E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 27, 2015 Forecast

September E-mini Dow Jones industrial Average futures are expected to open sharply higher today based on its solid pre-market performance.

The main trend is down on the daily chart, but momentum has shifted to the upside. The main range is 17535 to 15285. Its retracement zone at 16410 to 16676 is currently being tested. Passing through this zone is a steep downtrending angle at 16639, making it a valid target also. Trader reaction to this zone will set the tone over the near-term.

The daily chart opens up to the upside over 16676. This is a potential trigger point for an acceleration into a pair of downtrending angles at 17087 and 17115.

The next two targets over 17115 are angles at 17311 and 17423. The latter is the last major resistance before the 17535 main top.

On the downside, a failure to hold the 50% level at 16410 will signal the presence of sellers. The first target under this level is a downtrending angle at 16155. Taking out this angle will be a sign of weakness with the next target a steep downtrending angle at 15743.

Crossing to the weak side of 15743 will put the Dow in an extremely bearish position with 15285 the minimum downside target.

Look for a bullish tone over 16676 and a bearish tone on a sustained move under 16410.