E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 16, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening. The buying is primarily being driven by optimism over earnings and expectations of low inflation.

Daily Technical Analysis

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

Earlier today, Dow futures hit a new all-time high at 22868, a move below Friday’s close at 22830 will indicate the presence of sellers. A close below this level will signal a shift in momentum to the downside.

Overtaking the intraday high at 22868 and sustaining the move will indicate the buying is getting stronger.

Daily Forecast

Based on the earlier price action, look for a bullish tone to develop on a sustained move over 22868. This will signal the presence of buyers.

A bearish tone is likely to develop on a sustained move under 22830. This will be the first sign of weakness.

Taking out 22779 will make 22868 a new minor top. This will also indicate the selling is getting stronger.

The daily chart indicates there is plenty of room to the downside with the next targets a pair of uptrending angles at 22654 and 22611.