E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 1, 2014 Forecast

December E-mini Dow Jones Industrial Average futures rallied early in the session, but ran into resistance at a short-term pivot, triggering a break into the close. The market still has a chance to rally as long as it holds above the main bottom at 16839.

The first support comes in at 16935. This is the last support angle before the low at 16848 and the main bottom at 16839. Taking out this level could drive the market into a long-trending angle at 16735.

The main range is 16143 to 17279. The retracement zone created by this range at 16711 to 16577 is the best downside target.

The short-term range is 16839 to 17279. The pivot price created by this range is 17059. This price is controlling the short-term direction of the market. The daily chart opens up over this price, making 17151 and 17215 potential upside targets.

The tone of the market today will be determined by trader reaction to the pivot at 17059.