FXEMPIRE
All

E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 30, 2018 Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the price cluster at 24534 to 24547.
James Hyerczyk
E-mini Dow Jones Industrial Average
E-mini Dow Jones Industrial Average

The Dow is trading higher at the mid-session. The market is following through to the upside following a strong performance in the pre-market session. That move was fueled by positive news from China. Despite the early gains, traders remain cautious due to heightened volatility.

At 1524 GMT, December E-mini Dow Jones Industrial Average futures are trading 24598, up 167 or +0.68%.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 24086 will signal a resumption of the downtrend. The main trend will change to up on a move through 25845.

The minor trend is also down. A trade through 25007 will change the minor trend to up. This will also shift momentum to the upside. The next minor top comes in at 25338.

The major range is 23500 to 26966. Its retracement zone at 24824 to 25233 is controlling the near-term direction of the market. It is also resistance.

The minor range is 25007 to 24086. Its 50% level or pivot at 24547 is controlling the direction of the market today.

The main range is 25845 to 24086. Its retracement zone at 24966 to 25173 is the next upside target. It falls inside the major retracement zone, forming a resistance cluster.

Daily Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the price cluster at 24534 to 24547.

A sustained move over 24547 will indicate the presence of buyers. The next upside target is a downtrending Gann angle at 24693. This is a potential trigger point for an acceleration to the upside with the next targets lined up at 24824, 24966 and 25007.

A sustained move under 24534 will signal the presence of sellers. The daily chart is wide open under this level if there is enough downside momentum. The first target is yesterday’s low at 24086, followed by the June 28 main bottom at 24000.

Today’s inside move suggests investor indecision and impending volatility. Any rally is likely to be labored until the market can clear the series of potential resistance levels. The key to shifting momentum to the upside will be the buying volume on a move through 25007.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US