E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 12 2017 Forecast

March E-mini Dow Jones Industrial Average futures are expected to open higher based on the pre-market trade. The higher-high has put the Dow in a position to challenge the all-time high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24542 will signal a resumption of the uptrend. The main trend will change to down on a move through 24086.

The near-term range is 24542 to 24086. Its retracement zone at 24370 to 24317 is new support. Holding above this zone will help give the Dow an upside bias.

Daily Technical Forecast

Based on the early price action, the direction of the Dow today is likely to be determined by trader reaction to the downtrending angle at 24446.

A sustained move over 24446 will indicate the buying is getting stronger. This could fuel a rally into another downtrending angle at 24494. This is the last major resistance angle before the 24542 main top.

A sustained move under 24446 will signal the presence of sellers. If this move attracts increasing selling volume then we could see an extension of the break into the Fibonacci level at 24370, followed by a long-term uptrending angle at 24353. Crossing to the weak side of a downtrending angle at 24350 will indicate the selling is getting stronger.

Basically, treat the Gann angle at 24446 like a pivot today.