E-mini Dow Jones Industrial Average (YM) Futures Analysis – February 21, 2017 Forecast

March E-mini Dow Jones Industrial Average futures are called higher this morning based on the pre-market trade. A surge in crude oil prices is helping to support the market.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 20671 will signal a resumption of the uptrend.

The Dow isn’t close to a main bottom, or even changing the main trend to down. However, it is still in the window of time for a potentially bearish closing price reversal top.

Forecast

Based on the current price at 20655, the direction of the market today is likely to be determined by trader reaction to the uptrending angle at 20673.

Overtaking 20673 will signal the presence of buyers and put the market on bullish path. This angle has been guiding the market higher for 15 sessions or since the bottom at 19713 on January 31. It is very important to the structure of the uptrend.

The inability to overtake 20673 or a sustained move under this angle will signal the presence of sellers. The daily chart is wide open to the downside with the next major support area coming in at 20193 to 20192. However, in order to get there, we’re going to have to have some unexpected news.

Watch the price action and read the order flow at 20673 today. This will tell us if the bulls or the bears are in control.