E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 21, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading slightly lower shortly before the cash market opening. The market produced a powerful outside move chart pattern on Wednesday before closing higher. Yesterday’s price action suggests there are investors willing to sell at current price levels.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 22389 will signal a resumption of the uptrend.

A trade through 22274 will change the minor trend to down. This will be the first sign of weakness in about three weeks.

Yesterday’s wide range is 22274 to 22389. Its 50% or pivot at 22332 is once price that should be watched.

Due to the prolonged move up in terms of price and time, today’s session begins with the Dow in the window of time for a potentially bearish closing price reversal top.

Daily Forecast

The Dow could make three moves today.

Firstly, enough buying could come in to drive the Dow through 22389 without looking back.

Secondly, enough selling could come in to prevent a continuation of the rally. This could drive prices through the pivot at 22332 then 22274.

Thirdly, the market could rally through 22389 then break back under yesterday’s close at 22376. This move will lay the foundation for a potentially bearish closing price reversal top.