E-mini Dow Jones Industrial Average (YM) Futures Analysis – Key Level into Close is 25526

A sell-off in shares of Apple is helping to pressure the December E-mini Dow Jones Industrial Average futures contract on Monday. This is weighing on all the major indexes since Apple is a component of the S&P 500 Index and the NASDAQ Composite Index. Additionally, the stronger U.S. Dollar is raising concerns over a global economic slowdown due its impact on emerging market economies.

At 1939 GMT, December E-mini Dow Jones Industrial Average futures are trading 25506, down 467 or -1.80%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. Today’s price action has helped form a new main top at 26268. A trade through this level will reaffirm the uptrend. The main trend is safe at this time.

The minor trend is also up. A trade through 25035 will change the minor trend to down. This will also shift momentum to the downside.

The main range is 26966 to 24086. Its retracement zone at 25526 to 25866 is currently being tested.

The short-term range is 24086 to 26288. Its retracement zone at 25177 to 24920 is the primary downside target.

The short-term range is trading inside the major retracement zone at 25233 to 24824. This has helped form support clusters at 25233 to 25177 and 24920 to 24824.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the 50% level at 25526.

Holding above 25526 will indicate that late session buyers are coming in to defend the uptrend. If the buying is strong enough, we could see an intraday retracement back to 25866.

Taking out 25526 late in the session will indicate the selling is getting stronger. This could drive the Dow into 25233 to 25177 into the close.