E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 11, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open lower based on the pre-market trade. Investors took protection early in the session in reaction to the announcement of additional tariffs on China.

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. The main trend will change to up on a trade through 25418. A move through 23978 will signal a resumption of the downtrend.

The main range is 23978 to 24937. The market is currently testing its retracement zone at 24698 to 24868. This zone is controlling the near-term direction of the market.

The short-term range is 23978 to 24937. Its retracement zone at 24459 to 24344 is the primary downside target. This zone falls inside the major 50% to 61.8% retracement zone at 24459 to 24344.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average today is likely to be determined by trader reaction to the downtrending Gann angle at 24746 and the 50% level at 24698.

A sustained move over 24746 will indicate the presence of buyers. This could drive the market into the Fibonacci level at 24868. Overcoming this level will indicate the buying is getting stronger. This could lead to an extension of the rally into the minor top at 24937. Overtaking this level could fuel an acceleration into a downtrending Gann angle at 25082.

A sustained move under 24746 will signal the presence of sellers. This could lead to a retest of today’s intraday low at 24611. Taking out this level could drive the Dow into an uptrending Gann angle at 24490.

Crossing to the weak side of the angle at 24490 will indicate the selling is getting stronger, setting up a potential test of the short-term retracement zone at 24459 to 24344.