E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 27, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading flat shortly ahead of the cash market opening. The Dow is lagging behind the S&P 500 Index and the NASDAQ with both futures contracts hitting new all-time highs earlier in the session.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of a closing price reversal top on November 22 and the subsequent confirmation.

A trade through 23599 will negate the closing price reversal top and signal a resumption of the uptrend.

The short-term range is 23205 to 23599. Its retracement zone at 23402 to 23356 is the primary downside target. Since the main trend is up, buyers may show up on the first test of this zone.

Daily Technical Forecast

Based on the current price at 23519, the Dow could move in either direction.

If buyers take control then look for a test of the long-term uptrending angle at 23583. Overtaking this angle will indicate the buying is getting stronger. This could create the upside momentum needed to overtake the top at 23599.

The next target over 23599 is a steep uptrending angle at 23653. Crossing to the strong side of this angle will put the Dow in an extremely bullish position.

On the downside, the first target is the uptrending Gann angle at 23429. This is followed closely by a short-term 50% level at 23402. The daily chart opens up under this level with the short Fib the next target at 23356.