E-mini Dow Jones Industrial Average (YM) Futures Analysis – Could See Test of Retracement Zone at 25287 to 25198

September E-mini Dow Jones Industrial Average futures are set to open over 100 points lower based on the pre-market trade. The selling is being fueled by geopolitical uncertainty in Turkey. While the Turkish Lira was plunging to a record low, traders were also raising concerns over the trade dispute with China, and new sanctions against Russia.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 25661 will signal a resumption of the uptrend. A move through 25087 will change the main trend to down.

The main range is 24912 to 25661. Its retracement zone at 25287 to 25198 is the primary downside target.

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 pair of Gann angles at 25469 to 25471. This two angles form a resistance cluster. It stopped the rally earlier in the session.

A sustained move under 25469 indicates the presence of sellers. The next angle to watch comes in at 25392. A sustained move under this angle could trigger an acceleration into a support cluster at 25287 to 25279.E-mini Dow Jones Industrial Average (YM) Futures Analysis – Could See Test of Retracement Zone at 25287 to 25198

The uptrending Gann angle at 24279 is another trigger point for an acceleration into a series of support levels including a Fibonacci level at 25198, a short-term uptrending Gann angle at 25183 and a long-term uptrending Gann angle at 25152.

Overcoming 25392 will signal the return of buyers, but don’t expect to see much upside action unless buyers can recover the uptrending Gann angle at 25471. This is a possible trigger point for an acceleration into 25565 and 25513. The latter is the last potential resistance before the 25661 main top.