E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 4, 2015 Forecast

James Hyerczyk
Daily December E-mini Dow Jones Industrial Average
Daily December E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures edged higher on Tuesday, taking out the closing price reversal top at 17769, negating the potentially bearish chart pattern. Buying seemed a little tentative, which suggests investors may be a little nervous about buying strength ahead of Friday’s U.S. Non-Farm Payrolls report. 

Daily December E-mini Dow Jones Industrial Average

Technically, the main trend is up according to the daily swing chart. Because of the prolonged move up in terms of price and time, the Dow begins today’s session in the window of time for a potentially bearish closing price reversal top. This won’t mean the trend is turning down, but it will indicate the selling is greater than the buying at current price levels. Most likely this will be caused by position-squaring ahead of Friday’s jobs report.

The key price to watch is yesterday’s high at 17897. Buyers will either come in strong over this level to drive it towards the May 19 main top at 18149, or sellers will come in to stop the rally or trigger a potential closing price reversal top.

The first downside target is a steep short-term uptrending angle at 17753. A sustained move under this angle will indicate increasing selling pressure.

The daily chart opens up under 17753 with the next target this week’s low at 17527. The next major target under this minor bottom is a long-term uptrending angle at 17463.

Watch the price action and read the order flow at 17897. Trader reaction to this level will tell us whether the bulls or the bears are in control. 

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