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E-mini Dow Jones Industrial Average (YM) Futures Analysis – Key Number into Close is 26406

By:
James Hyerczyk
Updated: Sep 28, 2018, 07:24 UTC

Based on the early price action and the current price at 26454, the direction of the December E-mini Dow Jones Industrial Average into the close will likely be determined by trader reaction to the pivot at 26406. Basically, look for an upside bias into the close on a sustained move over 26406, and a bearish bias to develop on a sustained move under this level.

E-mini Dow Jones Industrial Average

A surge in shares of Apple helped trigger a strong rally in E-mini Dow Jones Industrial Average futures early Thursday, but then the buying dried up and the market drifted the rest of the session. If the selling pressure persists, the market could have trouble holding on to today’s gains. Additionally, the market is currently in a position to close lower for the week.

At 1934 GMT, December E-mini Dow Jones Industrial Average futures are trading 26454, up 35 or +0.13%. The high for the session is 26576 and the low is 26357.

E-mini Dow Jones Industrial Average
Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26820 will signal a resumption of the uptrend. The main trend will change to down on a trade through 25991.

The short-term range is 26820 to 26357. Its 50% level or pivot is controlling the intraday direction of the Dow.

The intermediate range is 25991 to 26820. Its 50% level or pivot is acting like intraday support.

The main range is 25784 to 26820. Its retracement zone at 26302 to 26180 is the main support.

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 26454, the direction of the December E-mini Dow Jones Industrial Average into the close will likely be determined by trader reaction to the pivot at 26406.

A sustained move over 26406 will indicate the presence of buyers. If this move creates enough upside momentum then look for buyers to make a run at 26589. This late session rally could trigger an acceleration to the upside.

A sustained move under 26406 will signal the presence of sellers. The first target is today’s low at 26357, followed closely by the main 50% level at 26302. Buyers could come in on a test of this level. If they fail to show then look for the selling to extend into the main Fibonacci level at 26180.

Basically, look for an upside bias into the close on a sustained move over 26406, and a bearish bias to develop on a sustained move under this level.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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