E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 1, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are called higher shortly before the cash market opening. The rally earlier in the session drove the Dow into a new all-time high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 23203 will change the minor trend to down. This could lead to a test of the short-term retracement zone at 23206 to 23146.

If 23146 fails then look for a further break into a pair of uptrending Gann angles at 23038 and 22995, followed by another minor bottom at 22951.

Since the main trend is up according to the swing chart, watch for technical bounces on the first test of the retracement zone and the Gann angles.

Daily Forecast

With the main trend up, momentum strong and no visible resistance, all investors have to worry about today is a possible closing price reversal top.

Yesterday’s close was 23325. The tone should be bullish as long as the Dow can sustain a rally over this price. Falling back below it will signal the presence of sellers. This could lead to a reversal top if the market closes below this price.