E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 5, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading flat shortly before the cash market opening.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 22631 will signal a resumption of the uptrend.

Today is the eighth day up from the last swing bottom which puts the Dow in the window of time for a closing price reversal top.

Taking out 22631 will be bullish, but falling back below yesterday’s close at 22607 will signal that the selling is greater than the buying at current price levels. A close under this price will mean there is strong selling.

Daily Forecast

The Dow closed below a steep uptrending angle moving up 64 points per day from the 22174 main bottom. This is a sign that the upside momentum is slowing. This angle comes in at 22686 today. Overcoming this angle and sustaining the move will put the Dow in an extremely bullish position.

If buyers can overcome the angle and sellers take out yesterday’s low at 22580, we could start to see increased selling pressure.

The daily chart is wide open to the downside with the nearest support angle coming in at 22430. This is followed by the short-term 50% level at 22403 and the short-term uptrending angle at 22387.