E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 3, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. Investors are reacting to strong earnings from Apple released earlier in the session. Traders are also preparing for the release of the latest U.S. Non-Farm Payrolls report.

Daily Technical Analysis

The main trend is up according to the daily swing chart. It was reaffirmed earlier in the session.

A trade through 23289 will change the minor trend to down. This is followed by additional minor bottoms at 23203 and 22951.

The short-term, or minor range is 22951 to 23494. Its retracement zone at 23223 to 23158 is the first downside target and support area. Momentum will shift to the downside if this zone is taken out.

Daily Forecast

The trend is up and there is no visible resistance so all long investors have to worry about is a closing price reversal top.

Yesterday’s close was 23444. This price is essentially support. Now that we’ve had a higher-high, all we need is a close under this level to produce a closing price reversal top.

Last Friday’s close was 23372. A close below this level will produce a weekly closing price reversal top.