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James Hyerczyk
Daily December Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are called better shortly ahead of the cash market opening. The market is currently trading inside a key retracement zone. Trader reaction to this zone will tell us whether the bulls or the bears are in control today.

Bearish traders are going to try to try to form a potentially bearish secondary lower top. Bullish traders are going to try to create enough upside momentum to take out the retracement zone and make 17052 a new higher bottom.

Daily December Dow Jones Industrial Average

The main trend is up according to the daily swing chart.

The main retracement zone is 17350 to 17218. This zone was straddled last Friday and Monday before buyers were able to recapture it after forming a bottom at 17052. This zone is support today.

The short-term range is 17906 to 17052. Its retracement zone at 17479 to 17580 is currently being tested.

Based on Tuesday’s close at 17456, the direction of the market is likely to be determined by trader reaction to the 50% level at 17479.

A sustained move over 17479 is likely to create enough upside momentum to challenge a resistance cluster at 17580 to 17586. Crossing to the strong side of this price cluster will put the Dow in a bullish position. The next target over this zone is a downtrending angle at 17746.

A sustained move under 17479 will signal the presence of sellers. The daily chart is open to the downside with the nearest target a major 50% level at 17350. This is followed by a steep uptrending angle at 17308. The daily chart opens up further under 17308 with the next targets a Fibonacci level at 17218 and another uptrending angle at 17180.

Watch the price action and read the order flow at 17479 today. Trader reaction to this level will tell us whether the bulls or the bears are in control. 

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