E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 18, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open nearly flat after giving back its pre-market gains. Earlier in the session, the market was trading lower, but aggressive buyers were able to stop the intraday price slide and turn the market higher for the session. Traders are reacting to the announcement of new tariffs on China by the U.S., and China’s subsequent retaliation that was announced shortly before the cash market opening.

Roll to the December futures contract on Wednesday.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26237 will signal a resumption of the uptrend. A move through 25764 will change the main trend to down.

The short-term range is 25764 to 26237. Traders found support earlier today inside its retracement zone at 26001 to 25945. This zone is controlling the near-term direction of the market.

The main range is 24955 to 26237. If the trend changes to down then look for a possible break into the retracement zone at 25596 to 25445.

Daily Technical Forecast

Based on the early price action and the current price at 26099.

A sustained move over 26099 will indicate the presence of buyers. This could drive the market into a pair of downtrending Gann angle at 26173 and 26205. The latter is the last potential resistance angle before the 26237 main top.

A sustained move under 26099 will signal the presence of sellers. The first targets are a short-term 50% level at 26001 and a short-term Fibonacci level at 25945. This is followed by a short-term 50% level at 25924.

The daily chart opens up to the downside under 25924. If this move generates enough downside momentum, we could see a drive into a long-term uptrending Gann 25691.

Basically, we’re looking at a possible two-sided trade today unless support and resistance is taken out. Look for an upside bias to develop on a sustained move over 26205 and for a downside bias to develop on a sustained move under 25691.