E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 7, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening. The move is being fueled by dampened worries about global trade and strong corporate earnings.

Daily Swing Chart Technical Analysis

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

The first support zone is 25387 to 25242. This is followed by 25242 to 25164. Since the main trend is up, buyers are likely to come in on a test of these levels.

Daily Swing Chart Technical Forecast

The direction of the September E-mini Dow Jones Industrial Average futures contract on Tuesday is likely to be determined by trader reaction to 25468.

A sustained move over 25468 will indicate the presence of buyers. This could create the upside momentum needed to challenge the next main top at 25572. This top is a potential trigger point for an acceleration to the upside.

The daily chart indicates there is plenty of room to the upside over 25572 with the February 27 top at 25868 the next likely upside target.

A sustained move under 25468 will signal the presence of sellers. This will indicate the selling is greater than the buying at current price levels. It will not mean the trend is changing to down. If could lead to a test of any of the potential support levels from 25387 to 25164.