E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 23, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading nearly flat shortly before the cash market opening. The market is trading inside Friday’s range which suggests investor indecision and impending volatility. Early today, the Dow is bouncing between an uptrending Gann angle and a short-term pivot.

Daily Technical Analysis

The main trend is down according to the daily swing chart. Momentum just shifted from up to down with the formation of the closing price reversal top on Thursday. A trade through 25209 will change the main trend to up. The next target over this top is 25418.

A trade through 24912 will indicate the selling pressure is getting stronger. A move through 24611 will change the minor trend to down.

The short-term range is 25209 to 24912. Its 50% level or pivot is 25061.

The minor range is 24611 to 25209. Its retracement zone at 24910 to 24839 is support.

The main range is 25418 to 23978. Its retracement zone at 24868 to 24698 is the next potential support target.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the uptrending Gann angle at 25002.

A sustained move over 25002 will indicate the presence of buyers. This could drive the Dow into the pivot at 25061. Overtaking the pivot will indicate the buying is getting stronger. This could lead to a test of a downtrending Gann angle at 25145, followed by a longer-term downtrending Gann angle at 25186. The latter is the last potential resistance angle before the 25209 main top.

Overtaking 25209 will negate the closing price reversal top and signal a resumption of the uptrend. This could trigger a rally into another long-term downtrending Gann angle at 25302. This is the last potential resistance angle before the 25418 main top.

A sustained move under 25002 will signal the presence of sellers. This could trigger a break into a tight series of potential support levels at 24954, 24912, 24910, 24868 and 24839.

After grinding through the potential support level, look for an acceleration to the downside if 24839 fails. This is the trigger point for a steep break into 24698.