E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 26, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are trading better shortly before the cash market opening. Traders will once again be focusing on earnings with a slew of companies expected to report today. Facebook reports after the close.

Investors seem to be immune to outside distractions this week. It looks like investors are ignoring the Republicans’ failure to repeal/replace Obamacare. I also think the market is moving higher on its own merits and doesn’t really need Trump’s tax reform plan or fiscal stimulus at this time.

As far as the Fed is concerned, the fact that the market are at historical highs speaks volumes. Investors aren’t worried about the Fed. They are following Treasury yields anyway and they are saying the Fed is not likely to be too aggressive with interest rates.

I think the market will react more today to extremely dovish news since this will mean money will continue to be cheap.

Technical Analysis

The minor trend is up according to the daily swing chart. A trade through yesterday’s high at 21640 will reaffirm the uptrend. There is no resistance, but the first sign of weakness will be a closing price reversal top.

The minor trend will change to down on a trade through 21444. This is followed by another minor bottom at 21416.

Additionally, there are retracement zone support levels at 21433, 12389, 12383 and 21330.

Today will be all about momentum once again. This means news driven so be prepared for stops and starts, depending on the story.