E-mini Dow Jones Industrial Average (YM) Futures Analysis – October 6, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are called lower based on the pre-market trade. Sellers came in after the release of a mixed U.S. Non-Farm Payrolls report.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, today’s session begins with the market in the window of time for a potentially bearish closing price reversal top.

With the market trading just under the all-time high, there are potentially three outcomes.

Firstly, the market can take out 22744 and take off to the upside.

Secondly, sellers can stop the market from making a new high. This can create an inside move or take out yesterday’s low. This would make 22744 a new minor top.

Thirdly, we could see a new high and a lower close. This would form the closing price reversal top.

Daily Forecast

Based on the current price and the earlier price action, the direction of the market today is likely to be determined by trader reaction to the steep uptrending angle at 22750.

The inability to overcome 22750 will signal the presence of sellers. This could set up the reversal top.

If the selling pressure is strong then we could see a move through yesterday’s low at 22596. If the selling pressure becomes extremely strong then look for a possible break into the short-term uptrending angle at 22462, followed by the long-term uptrending angle at 22419.

Overtaking the angle at 22750 and sustaining the rally will put the Dow in an extremely bullish position.