E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 11, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are called lower on the cash market opening. The Dow posted a new contract high in the pre-market session, putting it in a position to form a potentially bearish closing price reversal top.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, it is also in the window of time for a closing price reversal top.

Since the Dow already posted a higher-high, it has to close over 22784 or this will signal that the selling is greater than the buying at current price levels. This price is likely to act like a pivot throughout the session.

Daily Forecast

Based on the earlier price action, the direction or the Dow the rest of the session will be determined by trader reaction to yesterday’s close at 22784.

A sustained move over 22784 will indicate the presence of buyers. Taking out the intraday high at 22806 will indicate the buying is getting stronger.

If the upside momentum is strong enough, we could see a test of a steep uptrending angle at 22942. Overcoming this angle will put the Dow in an extremely strong position.

A sustained move under 22784 will signal the presence of sellers. If this move gains traction or if the Dow closes below this level, we could see the start of a steep break with the next major target angles coming in at 22558 and 22515.