E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 21, 2018 Forecast

December E-mini Dow Jones Industrial Average futures are called steady-to-better shortly before the cash market opening. Buyers are trying to build on yesterday’s rally which took the market to a new contract high.

Daily Technical Analysis

The main trend is up according to the daily swing chart. There is no upside target. A trade through 25991 will change the main trend to down.

Due to the prolonged move up in terms of price and time, traders should be aware of the possibility of a closing price reversal top.

Daily Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the steep uptrending Gann angle at 26759.

A sustained move over 26759 will put the Dow in an extremely bullish position. This angle is moving up 256 points per day from the 25991 main bottom.

A failure to hold above 26759 will indicate the selling is greater than the buying or that the buying is getting weaker. This could trigger a quick break into a long-term uptrending Gann angle at 24970. This angle, moving up 64 points per day, has been guiding the Dow higher since the main bottom at 24970 on August 15.

If the angle at 26759 fails to hold as support then we could see a plunge into the short-term uptrending Gann angle at 26375. Since the main trend is up, we could see a technical bounce on the first test of this angle. If it fails then the selling could extend into a pair of uptrending Gann angles at 26296 and 26183.