E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 1, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are expected to open steady based on the pre-market trade. There was a slight setback overnight after yesterday’s steep rally in reaction to the news that the Senate vote on tax reform may be delayed. However, the price action shortly before the opening suggests this may have been just a temporary glitch.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24328 will signal a resumption of the uptrend. Today’s session begins with the market in the window of time for a potentially bearish closing price reversal top so investors should watch for a higher-high, lower-close.

Yesterday’s close was 24274. If the Dow makes a new high then this price will become important support.

Daily Technical Forecast

Look for a continuation of the rally if buyers can take out 24328 with conviction.

If buyers take out 24328 then break below 24274 then this will be the first sign of weakness. If this move attracts enough selling pressure then look for a possible break into the nearest uptrending angle at 23909.

There is no resistance today but I think we’re going to breakout over 24328 or form a closing price reversal top.