E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 16, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The Dow is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending to the downside. A trade through 23203 will indicate the selling is getting stronger.

The main retracement zone is 23254 to 23182. This zone is major support. Yesterday’s low fell inside this range. It is also controlling the longer-term direction of the Dow.

The short-term range is 23557 to 23205. Its 50% level or pivot at 23381 is the primary upside target.

Daily Technical Forecast

Based on the early trade, the direction of the Dow the rest of the session is likely to be determined by trader reaction to the downtrending angle at 23333.

A sustained move over 23333 will signal the presence of buyers. However, the initial rally will be labored because of a potential resistance at 23348, 23381 and 23392.

The rally will expand over 23392 with the next target angle coming in at 23445. This is followed by another downtrending angle at 23501. This is the last potential resistance angle before the 23557 main top.

A sustained move under 23333 will indicate the presence of sellers. This could trigger a retest of 23254. If the downside momentum continues to increase then look for a test of yesterday’s low at 23205, followed by a main bottom at 23203 and the main Fibonacci level at 23182.

The Fib level at 23182 is a possible trigger point for the start of a steep break. The next major target under 23182 comes in at 22866.