E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 14, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading lower early Tuesday. Uncertainty over the direction of U.S. tax reform is driving the price action.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum shifted to down last week when the minor trend changed to down.

A trade through 23557 will signal a resumption of the uptrend. A move through 23260 will indicate the selling is getting stronger.

The short-term range is 23557 to 23260. Trading below its 50% level or pivot at 23409 is helping to give the market an early downside bias.

The main retracement zone at 23254 to 23182 is the primary downside target. Since the main trend is up, we could see a technical bounce on the first test of this level.

Daily Technical Forecast

Based on the early price action, the first resistance is a downtrending angle at 23397. This is followed by the pivot at 23409.

Overtaking 23409 will signal the return of buyers. This could trigger a rally into the next downtrending angle at 23477.

A sustained move under the angle at 23397 will signal the presence of buyers. If this creates enough downside momentum, we could see a break into a long-term uptrending angle at 23326, followed by another long-term uptrending angle at 23282.

If 23282 fails as support then look for the selling to extend into 23254 to 23182.

Basically, look for a bearish tone on a sustained move under 23397 and a bullish tone on a sustained move over 23409.