E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 1, 2017 Forecast

September E-mini Dow Futures are trading higher shortly before the cash market open. Today’s disappointing U.S. Non-Farm Payrolls report has had almost no effect on the trade. The news is potentially bullish because it may reduce the chances of a Fed rate hike later this year. Stocks tend to be supported by lower interest rates.

Technical Analysis

The main trend is up according to the daily swing chart. If the rally continues then look for a test of the next main top at 22067. This is also the trigger point for a rally into the next main top at 22132.

The main range is 22132 to 21579. Its retracement zone at 21921 to 21856 is a support zone. Look for an upside bias as long as the Dow stays over this zone.

Forecast

The current price action indicates the rally could strengthen if the Dow crosses to the strong side of the steep uptrending angle at 22028. This could lead to a rally into a downtrending angle at 22060. This is the last potential resistance angle before the 22067 and 22132 main tops.

The Dow could begin to weaken if the market crosses to the weak side of the downtrending angle at 21988. This could trigger a move into the Fibonacci support at 21921. This is a possible trigger point for an acceleration into the 50% support at 21856, followed by an uptrending angle at 21836.

If the uptrending angle at 21836 fails as support then look for the selling to extend into 21740.

Basically, look for a bullish tone over 22028 and a bearish tone to develop on a sustained move under 21988.