E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 13, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading nearly flat shortly after the cash market opening. The market is up 10 days from the last swing bottom so it’s still in the window of time for a closing price reversal top.

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher.

The minor trend is up. This is giving the momentum its upside bias. A trade under 24611 will change the minor trend to down and shift momentum to the downside.

Since the Dow is in the window of time for a closing price reversal top and it’s already produced a higher-high, the key level to watch the rest of the session will be yesterday’s close at 24804. A close under this level today will produce the closing price reversal top. If confirmed on Monday, we could see the start of a 2 to 3 correction.

On the downside, retracement level support comes in at 24868 and 24698. This is followed by 24459 and 24233.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to yesterday’s close at 24804.

A sustained move over 24804 will indicate the presence of buyers. This could drive the Dow into the downtrending Gann angle at 25050. Overcoming this angle could trigger an acceleration to the upside with the next target angle coming in at 25234.

A sustained move under 24804 will signal the presence of sellers. This is followed by the Fibonacci level at 24868. This is a potential trigger point for an acceleration into the 50% level at 24698. This is followed closely by an uptrending Gann angle at 24618 and the minor bottom at 24611. The latter is another trigger point for a steep break.