E-mini Dow Jones Industrial Average (YM) Futures Analysis – February 15, 2018 Forecast

March E-mini Dow Jones Industrial Average futures are trading higher at the mid-session. After an early session rise, the market has become rangebound. Volume also appears to be below average.

Daily Technical Analysis

The main trend is down according to the daily swing chart. Although the market is up seven days from its last main bottom at 23088, momentum has turned higher yet. All the market has done is retrace the wide range formed over the last two weeks.

The minor trend is down. A trade through 25239 will change the minor trend to up. This will also shift momentum to the upside.

The main range is 26684 to 23088. Its retracement zone is 24886 to 25310. This zone is controlling the near-term direction of the market. The market is currently testing this zone.

The intermediate retracement zone at 24164 to 23910 and the short-term retracement zone at 24282 to 24508 are support levels.

Daily Technical Forecast

Based on the current price action, trader reaction to the downtrending Gann angle at 25020 will determine the direction of the Dow into the close.

A sustained move over 25020 will indicate the presence of buyers. This could trigger a move into 25239 then 25310. The latter is the trigger point for a potential acceleration to the upside with the next target angle coming in at 25852.

A sustained move under 25020 will signal the presence of sellers. The next target is a support cluster at 24886 to 24880.

If 24880 fails as support then look for a potential acceleration to the downside with targets coming in at 24508 and 24282.