Advertisement
Advertisement

E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 28, 2018 Forecast

By:
James Hyerczyk
Published: Aug 28, 2018, 13:31 UTC

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the steep uptrending Gann angle at 26107.

E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are called higher based on the pre-market trade. Strong appetite for risk continues to drive the price action. The Dow is still lagging the S&P 500 Index and the NASDAQ Composite. Its all-time high is the January 26 top at 26672.

E-mini Dow Jones Industrial Average
Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The next target is 26672. A trade through 25607 will change the main trend to down.

Momentum is driving the market at this time and with resistance so far away, a shift in momentum will also signal a change in sentiment. Therefore, if we do see a short-term top, it’s likely to come in the form of a closing price reversal.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the steep uptrending Gann angle at 26107.

A sustained move over 26107 will put the Dow in a bullish position. If it continues to “walk” up this Gann  angle moving at a rate of 128 points per day then we could see a test of 26672 on September 3 or September 4.

A sustained move under 26107 will signal the presence of sellers. This could drive the Dow into the next uptrending Gann angle at 25991. We could see a technical bounce on the first test of this angle. However, if it fails, we could see an acceleration into the next two uptrending Gann angles at 25799 and 25703. The latter is the last potential support angle before the 25607 main bottom.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

Did you find this article useful?

Advertisement