E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 9, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open the cash market lower based on the pre-market trade. The early selling pressure confirmed yesterday’s closing price reversal top, signaling a shift in momentum to down.

The main trend is up according to the daily swing chart.  A trade through 22132 will negate the closing price reversal top and signal a resumption of the uptrend.

The main range is 21444 to 22132. If there is an acceleration to the downside then its retracement zone at 21788 to 21707 will become the primary downside target.

Based on the current price, the nearest downtrending resistance angles come in at 22068, 22100 and 22116. The latter is the last potential resistance angle before the 22132 main top.

On the downside the first uptrending angle target comes in at 21828. Since the trend is up, we could see a technical bounce on the first test of this angle. If it fails then look for the break to extend into the retracement zone.