FXEMPIRE
All

E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 30, 2018 Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average the rest of the session will be determined by trader reaction to the pivot at 25458.
James Hyerczyk
E-mini Dow Jones Industrial Average
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading steady to better shortly after the cash market opening. The market is being supported by positive earnings reports. Volume is expected to be light ahead of central bank announcements from the Bank of Japan early Tuesday and the start of the Fed’s two-day meeting.

Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower due to Friday’s closing price reversal top and subsequent confirmation earlier today.

A trade through 25572 will negate the reversal top and signal a resumption of the uptrend. A trade below today’s intraday low at 25344 will signal the return of sellers.

The short-term range is 25572 to 25344. Its 50% level or pivot is currently being tested. Sellers are going to try to form a secondary lower top on a test of this level. Buyers are going to try to drive the market through this level.

The main range is 24912 to 25572. If the selling pressure continues then its retracement zone at 25242 to 25164 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average the rest of the session will be determined by trader reaction to the pivot at 25458.

A sustained move under 25458 will indicate the presence of sellers. If this generates enough downside momentum then look for a drive into a pair of uptrending Gann angles at 25321 and 25296. We could see a technical bounce on the first test of these angles. However, look out to the downside if they fail. The daily chart indicates there is plenty of room to the downside with 25242 the next target.

Overtaking and sustaining a rally over 25458 will signal the presence of buyers. This could lead to a labored rally with target angles coming in at 25508, 25540 and 25556. The latter is the last potential resistance angle before the 25572 main top.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US