FXEMPIRE
All

E-mini Dow Jones Industrial Average (YM) Futures Analysis – Set Up for Surge Over 26584 Pivot

Based on Friday’s close at 2919.00 and the price action the last three sessions, the direction of the December E-Mini Dow Jones Industrial Average futures contract today is likely to be determined by trader reaction to the pivot at 26406.
James Hyerczyk
E-mini Dow Jones Industrial Average
E-mini Dow Jones Industrial Average

December E-Mini Dow Jones Industrial Average futures settled marginally higher on Friday, erasing a big gain and clawing back some of the week’s losses. The price action suggests the buying may be greater than the selling at current price levels. In also indicates a possible end to the five day sell-off which appears to have been an attempt to alleviate some of the upside pressure. Furthermore, it indicates that buyers may be looking for value at this time.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26820 will signal a resumption of the uptrend. A move through 25991 will change the main trend to down.

The main range is 25784 to 26820. Its retracement zone at 26302 to 26180 is support.

The intermediate range is 25991 to 26820. Its 50% level or pivot is 26406. The Dow straddled this price three days in a row last week. Buyers may be trying to establish support at this price.

The short-term range is 26820 to 26347. Its 50% level or pivot at 26584 is the first upside target.

Daily Swing Chart Technical Forecast

Based on Friday’s close at 2919.00 and the price action the last three sessions, the direction of the December E-Mini Dow Jones Industrial Average futures contract today is likely to be determined by trader reaction to the pivot at 26406.

A sustained move over 26406 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to make a run at 26584. Look for sellers on the first test of this pivot. If buyers can take it out with conviction then I expect to see a surge into 26820 over the near-term.

A sustained move under 26406 will signal the presence of sellers. This could lead to a labored break into 26347 then 26302. The daily chart starts to open up to the downside under 26302 with 26180 the next major target.

Since the main trend is up, buyers could come in on a test of 26302 to 26180. However, if 26180 fails as support then sellers may try to change the main trend to down on a trade through 25991.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US