E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 6, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open steady based on the pre-market trade. Although investors are expressing caution due to concerns over trade tensions between the US and China, there does appear to be an air of optimism because of a slew of earnings reports.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 25572 will signal a resumption of the uptrend. A move through 25087 will change the main trend to down.

The minor trend is down. This is controlling the momentum. A trade through 25486 will change the minor trend to up. This will also shift momentum to the upside.

The short-term range is 25572 to 25087. Its 50% level or pivot at 25330 is support.

The main range is 24912 to 25572. Its retracement zone at 25242 to 25164 is major support.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average today is likely to be determined by trader reaction to the downtrending Gann angle at 25476.

A sustained move under 25476 will indicate the presence of sellers. This provided resistance earlier today. The next key downside target is a steep uptrending Gann angle at 25343. Since the main trend is up, buyers could come in on a test of this angle.

If 25343 fails as support then look for a test of the 50% level at 25330. If this level fails then the selling could extend into a series of potential support levels at 25264, 25242 and 25215.

Overtaking and sustaining a rally over 25476 will signal the presence of buyers. If this generates enough upside momentum then look for the rally to extend into Gann angles at 25524 and 25548. The latter is the last potential resistance angle before the 25572 main top.