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E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 11, 2015 Forecast

By:
James Hyerczyk
Published: Nov 11, 2015, 14:15 UTC

December E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The move is a continuation of yesterday’s

Daily December E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The move is a continuation of yesterday’s price action into the close. Today is a U.S. bank holiday so volume may be below average. This could kill the volatility.

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

The main trend is up according to the daily swing chart. The main range is 15799 to 17906. Its retracement zone at 17350 to 17218 is the primary downside target.

The short-term range is 17906 to 17608. Its 50% or pivot level is 17757. This price is controlling the direction of the market today.

Based on the close at 17716, the first upside target is a short-term downtrending angle at 17746. This is followed by the pivot at 17757. Overtaking this pivot will signal the presence of buyers.

The next target is the long-term uptrending angle at 17783. Overtaking this angle will be a sign of strength, but any rally is likely to be labored because of a pair of downtrending angles at 17826 and 17866. The latter is the last potential resistance angle before the 17906 main top.

The inability to overcome the pivot at 17757 and a sustained move under it will indicate the presence of sellers. The daily chart is open to the downside with the next target yesterday’s low at 17608.

Crossing to the weak side of a downtrending angle at 17586 will put the Dow in an extremely bearish position. This could trigger an acceleration to the downside with 17350 to 17218 the next likely target.

Watch the price action and read the order flow at 17757 today. Trader reaction to this level will tell us whether the bulls or the bears are in control. 

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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