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E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 6, 2015 Forecast

By:
James Hyerczyk
Published: Nov 6, 2015, 13:31 UTC

Look for volatility and volume to return to the December E-mini Dow Jones Industrial Average futures market today with the release of the U.S. Non-Farm

Daily December E-mini Dow Jones Industrial Average

Look for volatility and volume to return to the December E-mini Dow Jones Industrial Average futures market today with the release of the U.S. Non-Farm Payrolls report at 8:30 a.m. ET. The headline number is expected to show the economy added 179K new jobs to the economy. However, the Average Hourly Earnings number will have the most impact on the price action since it is being watch closely by the Fed. It is expected to show an increase of 0.2%, putting it at a 2.2% annual rate.

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

The main trend is up according to the daily swing chart.

The short-term range is 17527 to 17906. Its pivot at 17717 is controlling the short-term direction of the market. This is the first level to watch today.

A sustained move over 17717 will indicate the presence of buyers. This could create enough upside momentum to challenge a steep uptrending angle at 17881.

Crossing to the strong side of the angle at 17881 will put the Dow in a bullish position. The next target above this angle is the closing price reversal top at 17906. Taking out this top will negate the potentially bearish chart pattern, setting up a possible surge into the May 19 main top at 18149.

A sustained move under 17717 will signal the presence of sellers. The daily chart opens up to the downside under this pivot with the next target a major longer-term uptrending angle at 17591.

Breaking this angle with conviction could trigger an acceleration to the downside. The primary downside target is the main retracement zone at 17350 to 17218.

Watch the price action and read the order flow at 17717 today. Trader reaction to this level will tell us whether the bulls or the bears are in control. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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