E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 6, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are called slightly better shortly before the cash market opening. The market is being supported by another series of earnings reports.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 23494 will signal a resumption of the uptrend.

Today’s earlier weakness made 23494 a new minor top. Nearby minor bottoms include 23289 and 23203.

The short-term range is 22951 to 23494. Its retracement zone at 23223 to 23158 is support.

Daily Technical Forecast

Based on the earlier price action, the direction of the index today is likely to be determined by trader reaction to the minor high at 23494.

Traders can take out 23494 and trigger a breakout to the upside. Traders can also take out this high and close lower, producing a closing price reversal top. Finally, we may not see a follow-through to the upside and in this case, we could see a resumption of the weakness that we saw earlier in the session.

There is no resistance over 23494.

On the downside, the first minor support is 23289. This is followed by a minor 50% level at 23223. Additional support is the Fibonacci level at 23158, followed by a pair of uptrending Gann angles at 23134 and 23091.