E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 19, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open flat on Tuesday. This is based on the pre-market trade. The market spent the entire pre-market session inside yesterday’s wide range which suggests investor indecision and impending volatility.

The main trend is up according to the daily swing chart, but the market is starting to show signs of fatigue. A trade through 21628 will signal a resumption of the uptrend. A trade through 21226 will change the main trend to down.

The short-term range is 21226 to 21628. Its retracement zone is 21427 to 21380. The upper or 50% level of this zone was tested on Tuesday and proved to be solid support. Yesterday’s low fell slightly inside the retracement zone at 21416. Since the trend is up, buyers came in on the dip and were angle to fuel a rally into 21520 into the close.

We have to assume that with the uptrend, the Dow can continue to make this similar move over and over until the selling forces overcome the buying forces and drive the market through this support zone.

Traders should also note that a new higher support base could form at the support zone. If it’s solid enough to attract aggressive buyers then it may serve as a launching pad for the next leg up.