E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 3, 2015 Forecast

September E-mini Dow Jones Industrial Average futures tested a retracement zone before closing lower on Friday. This could be the start of a potentially bearish secondary lower top. Watch for follow-through selling pressure today to confirm the chart pattern.

The main trend is down according to the daily swing chart. The main range is 18075 to 17319. Its retracement zone is 17697 to 17786. Sellers came in to stop the rally on Friday when the market reached 17721.

Based on the close at 17614, the first resistance today is a downtrending angle at 17691, a 50% level at 17697 and a Fibonacci level at 17786.

The first downside target today is an uptrending angle at 17639. This is followed by uptrending angles at 17479 and 17399. The latter is the last major angle before the 17319 main bottom.

The direction of the market today is likely to be determined by trader reaction to the steep uptrending angle at 17691. Since the market closed at 17614, it is essentially under this angle, giving it a bearish bias on the opening.