E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 4, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are called flat to lower shortly before the cash market opening. Investors are taking a little off the top ahead of economic data and a speech by Fed Chair Yellen later today. Investors are also reacting to reports that Trump may replace a hawkish Yellen with a dovish successor.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 22622 will signal a resumption of the uptrend. The market isn’t close to changing the trend, but there is room for a correction.

The short-term range is 22174 to 22622. If there is a sell-off then its retracement zone at 22398 to 22345 will become the primary downside target.

Daily Forecast

Based on the current price at 22591 and the earlier price action, the direction of the Dow today is likely to be determined by trader reaction to the steep uptrending angle at 22622.

Overtaking the angle at 22622 will indicate the presence of buyers. This will also put the Dow in an extremely strong position.

A sustained move under the steep angle at 22622 will signal the presence of sellers. If selling pressure increases, we could see a break into the support cluster at 22398. We could see a technical bounce on the first test of this area.

This is followed by another support cluster at 22355 to 22345.

Watch the price action and read the order flow at 22622 all session. This will tell us if the bulls or the bears are in control today.