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James Hyerczyk
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E-mini Dow Jones Industrial Average
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening. The early strength is being fueled by optimism over an invitation extended by the U.S. to China to resume trade talks. Weaker than expected consumer inflation report could slow down the pace of future Fed rate hikes.

Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend turn up on Wednesday when buyers took out the swing top at 26100. A trade through 25764 will change the main trend to down.

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The short-term range is 26185 to 25764. Its 50% level or pivot is 25975. This level is controlling the direction of the Dow today. Holding above this level will give it an upside bias.

The main range is 24955 to 26185. If the trend changes to down then look for an extension of the selling into its retracement zone at 25570 to 25425.

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Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the pivot at 25975.

A sustained move over 25975 will indicate the presence of buyers. Overcoming and sustaining the rally over the steep uptrending Gann angle at 26020 will indicate the buying is getting stronger. This could drive the Dow into the main top at 26185, followed by a longer-term uptrending Gann angle at 26235.

Crossing to the strong side of the angle at 26235 and sustaining the move will put the Dow in an extremely bullish position.

A sustained move under 25975 will signal the presence of sellers. This could lead to a labored break with target angles coming in at 25892 and 25828. The latter is the last potential support angle before the 25764 main bottom.

If the main bottom fails then the trend will change to down. This could trigger an acceleration to the downside with targets coming in at 25607 and 25570.

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