E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 9, 2018 Forecast

December E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market opening. It looks like the hawkish tone of the U.S. Federal Reserve is helping to exert some of the downside pressure. Some of the bullishness caused by the outcome of the U.S. mid-term elections may also be wearing off.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. It turned up earlier in the week when buyers took out 25845. A trade through 26268 will indicate a resumption of the uptrend. The next major target is the swing top at 26966.

The minor trend is also up. However, a new minor top has been formed at 26268. A trade through 25035 will change the minor trend to down.

Daily Swing Chart Technical Forecast

There is no strong set-up in either direction today.

Taking out 26268 will indicate the buying is getting stronger. The daily chart indicates there is plenty of room to the upside with the next target 26966.

The inability to overcome and sustain a move over 26268 will indicate the presence of sellers. The first downside target is the main Fibonacci level at 25866.

Look for a technical bounce on the first test of 25866, but be prepared for a potential acceleration to the downside if it fails. The next downside target is the main 50% level at 25526.