E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 9, 2016 Forecast

December E-mini Dow Jones Industrial Average futures are called higher shortly before the cash market opening. The current rally is being fueled by momentum related to Trump’s pro-business economic plan and the European Central Bank’s extension of stimulus.

The rally is not very complicated so there isn’t a lot of detail in this forecast. Since we are trading at or near all-time highs, there is no resistance. The market will stop going up when the last investor buys. That’s it. Don’t let anyone tell you it’s overbought either. There is no oscillator or indicator that will tell you this. They are coincidental indicators.

The best sign of a top will be a higher-high, followed by a lower close, or the classic closing price reversal top.

It’s not resistance, but the next potential upside target is a steep uptrending angle at 20106.

On the downside, the first support is a minor bottom at 19083. This is followed by another minor bottom at 18756.

Look for the uptrend to continue because the trend is your friend. Keep an eye on the momentum, however. Don’t try to pick a top until there is an intraday closing price reversal top or an “M” formation on the charts.