E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 3, 2018 Forecast

December E-mini Dow Jones Industrial Average futures are trading at an all-time high shortly after the cash market opening. The initial surge in prices was fueled by a report that showed private payrolls increased by 230,000 in September, according to ADP and Moody’s Analytics.

The rally was further driven by the news that the ISM non-manufacturing index hit 61.6 in September versus a 58 estimate. The jump in the index was the fastest pace ever.

Daily Technical Analysis

The main trend is up according to the daily swing chart. There are no upside targets or resistance levels. The market is being controlled by strong upside momentum. This means the rally will stop when the momentum begins to shift. The best sign of a shift in momentum or the formation of a short-term top will be a closing price reversal top.

The main trend will change to down on a trade through 26347. The next main bottom under this price is 25991.

Daily Technical Forecast

Since there is no resistance, don’t waste time trying to find it. The goal right now if long is to protect the downside.

The first support is a short-term uptrending Gann angle at 26731. Look for a technical bounce on the first test of this angle. If it fails then look for the selling to continue into the next uptrending Gann angle at 26695.

The daily chart starts to open up to the downside under 26695. The next target angle comes in at 26343. This is the last potential support angle before the 26347 main bottom.