E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 2, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading slightly higher shortly after the opening. Traders are being cautious today ahead of the selection of the next Fed chair, a slew of earnings reports and fresh economic data. The Republicans are also scheduled to release their revised tax reform plan.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 23464 will signal a resumption of the uptrend.

A trade through 23203 will change the minor trend to down. This is followed by another minor bottom at 22951.

The short-term range is 22951 to 23464. Its retracement zone at 23208 to 23147 is controlling the near-term price action.

Daily Forecast

The Dow is trading in the middle of support and resistance so the price action will be controlled by momentum.

If the upside momentum is strong enough then look for the rally to extend into the minor top at 23464.

If the momentum shifts to down then look for the selling to extend into the short-term 50% level at 23208, followed by the 61.8% level at 23147 and a pair of uptrending angles at 23070 and 23028.