E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 19, 2018 Forecast

December E-mini Dow Jones Industrial Average futures are expected to open lower based on the pre-market trade. For a second week, the tech sector is responsible for the early weakness. The tech sector is being driven lower by more selling pressure from Apple. The stock is down about 1 percent before the opening.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, the momentum is trending lower. Last Thursday’s sell-off and Friday’s subsequent confirmation suggests buyers are trying to shift momentum back to the upside.

A trade through 26268 will signal a resumption of the uptrend. A trade through 24782 will negate the closing price reversal bottom.

The minor trend is down according to the daily swing chart. This is why the momentum is trending lower. A trade through 24782 will signal a resumption of the minor downtrend.

The major retracement zone at 25233 to 24824 is support. This zone essentially stopped the selling at 24782.

The main range is 26966 to 24086. Its retracement zone at 25526 to 25866 is resistance.

The short-term range is 24086 to 26268. Its retracement zone at 25177 to 24920 is additional support.

The best support clusters are a pair of 50% levels at 25233 to 25177 and a pair of Fibonacci levels at 24920 to 24824.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract on Monday is likely to be determined by trader reaction to the main 50% level at 25526.

Bullish Scenario

A sustained move over 25526 will indicate the presence of buyers. If this move generates enough upside momentum then look for a potential surge into the main Fibonacci level at 25866.

Bearish Scenario

A sustained move under 25526 will signal the presence of sellers. The first downside target is the support cluster at 25233 to 25177.

The 50% level at 25177 is a trigger point for an acceleration into the Fibonacci cluster at 24920 to 24824.