E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 29, 2017 Forecast

December E-mini Dow Jones Industrial Average futures are trading flat during the pre-market session. There has been no follow-through to the upside following yesterday’s higher close.

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. The trend will turn to down on a move through 22174. This could trigger a break into the last main top at 22089.

The short-term range is 22389 to 22174. Its 50% level or pivot is 22282. This price level is controlling the short-term direction of the market. Holding above this level is helping to give the Dow an early upside bias.

The main range is 21555 to 22389. If the trend changes to down then its retracement zone at 21972 to 21874 will become the primary downside target.

Daily Forecast

Based on Thursday’s close at 22320, the direction of the Dow today is likely to be determined by trader reaction to the downtrending angle at 22333. This angle stopped the rally yesterday. It is also the last major resistance angle before the contract high.

Taking out 22333 could trigger a spike into 22389. Taking out this price will signal a resumption of the rally.

A sustained move under 22333 will signal the presence of sellers. This could drive the market below the pivot at 22282 and a pair of Gann angles at 22277 and 22259.

Crossing to the weak side of 22259 will signal that the selling is getting stronger. The daily chart is wide open under this angle with the next target angle coming in at 22165.

Watch the price action at 22333 all session. Trader reaction to this angle will tell us if the buying is getting stronger or if sellers are taking control.