E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 28, 2017 Forecast

March E-mini Dow Jones Industrial Average futures are trading slightly higher early Thursday. The market is up for the week, however, the move is taking place under extremely thin trading conditions. On Wednesday, trading volume was the second-lowest of the year, with only Black Friday’s half-day of trading posting lower volume.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, the Dow has been trading inside the December 18 range for seven sessions. This indicates investor indecision and impending volatility.

The short-term range is 24896 to 24693. Its 50% level or pivot is 24795. This level is controlling the short-term direction of the market.

A trade through 24896 will signal a resumption of the uptrend. A move through 24693 will indicate increasing selling pressure. Be careful buying strength and selling weakness due to the extremely low volume.

Daily Technical Forecast

Based on the early trade, the direction of the E-mini Dow Jones Industrial Average today will be determined by trader reaction to the pivot at 24795.

A sustained move over 24795 will indicate the presence of buyers. If volume increases on the move, we could see a surge into 24896.

A sustained move under 24795 will signal the return of sellers. If selling volume increases, we could see a drive into 24693. It may not happen today, but this price is the trigger point for a possible acceleration to the downside with the first target an uptrending Gann angle at 24534, followed by a major 50% level at 24491.