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

December E-mini Dow Jones Industrial Average futures are trading higher on Thursday, but the low volume suggests it’s going to sit in a range today while investors prepare for Friday’s U.S. Non-Farm Payrolls report. Additionally, the inside move suggests investor indecision and impending volatility. The market is currently testing retracement zones which means investors have to decide whether to continue the rally or turn down and form a secondary lower top.

At 1437 GMT, December E-mini Dow Jones Industrial Average futures are trading 25268, up 191 or +0.76%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher.

The minor trend is up. It turned up on Wednesday. This shifted the momentum to the upside. The next minor top is 25338.

The Dow is also being influenced by a pair of retracement ones at 25233 to 24824 and 25173 to 24966. These levels are controlling the direction of the market on Thursday.

On the upside is a resistance zone at 25526 to 25866.

Daily Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures is likely to be determined by trader reaction to the price cluster at 25233 to 25141.

Trading inside 25233 to 25141 will likely lead to a choppy, two-sided trade.

Taking out 25233 and sustaining the move will indicate the presence of buyers. This could lead to a test of yesterday’s high at 25303. Taking out this level could trigger an acceleration into a downtrending Gann angle at 25493, followed closely by a 50% level at 25526.

A sustained move under 25141 will signal the presence of sellers. The daily chart is wide open to 24966, followed by an uptrending Gann angle at 24854 and 24824.