E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 1, 2018 Forecast

March E-mini Dow Jones Industrial Average futures are trading lower shortly after the opening. The market is being pressured by expectations of a second day of hawkish testimony by Fed Chair Jerome Powell.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend turns down on a move through 24576. The uptrend will resume on a trade through 25813.

The main range is 26684 to 23088. Its retracement zone is 24886 to 25310. The Dow is currently trading inside this zone. Trader reaction to this zone will determine the longer-term trend of the market.

The short-term range is 23088 to 25813. If the selling pressure continues and the trend turns down then its retracement zone at 24451 to 24129 will become the primary downside target.

Daily Technical Forecast

Based on the early trade, the direction of the index the rest of the session is likely to be determined by trader reaction to the 50% level at 24886.

A sustained move over 24886 will signal the presence of buyers. This could create a labored rally because of a series of potential resistance levels including a pair of uptrending Gann angles at 25136 and 25216 and a resistance cluster at 25276, 25301 and 25310.

The daily chart opens up over 25310 with the next target angles coming in at 25557 and 25749. The latter is the last potential resistance angle before the 25813 main top.

A sustained move under 24886 will indicate the presence of sellers. This could trigger a quick move into the uptrending Gann angle at 24736. This angle is a potential trigger point for an acceleration to the downside with the next two targets coming in at 24576 and 24451.

The 50% level at 24451 is a trigger point for an acceleration to the downside with a price cluster at 24129 to 24112 the next target cluster.

Basically, we’re going to treat 24886 like a pivot all session.