Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading slightly lower at the mid-session on Friday in a trading session that can best be described as choppy and two-sided.

Blue chip stocks started the session higher in reaction to speculation that the U.S. and China had agreed to a trade deal on Thursday. The market turned lower shortly before the cash market opening after President Trump tweeted that reports were wrong and fake news.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

Shortly after the cash market opening, prices stabilized and the Dow rallied after Chinese officials said China and the U.S. reached an agreement on the text of the phase one trade deal. Since then, the session has been filled with two-sided price behavior, which appears to be making today’s events a “buy the rumor, sell the fact” situation.

At 17:01 GMT, December E-mini Dow Jones Industrial Average futures are trading 28129, down 2 or -0.01%.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session. A move through the intraday high at 28303 will signal a resumption of the uptrend.

The main trend will change to down on a trade through 27312. This is highly unlikely, however, due to the prolonged move up in terms of price and time, the market is inside the window of time for a potentially bearish closing price reversal top.

The key level to watch is 28131. A close under this level will form a closing price reversal top. This won’t change the trend to down, but it will indicate the selling is greater than the buying at current price levels. If confirmed on Monday, this could lead to a 2 to 3 day correction.

The short-term range is 27312 to 28303. Its 50% level at 27808 is a potential downside support target.

The main range is 26588 to 28303. Its retracement zone at 27446 to 27243 is the primary downside target.


Daily Technical Forecast

Based on the early price action and the current price at 28129, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session on Friday is likely to be determined by trader reaction to yesterday’s close at 28131.

Bullish Scenario

A sustained move over 28131 will indicate the presence of buyers. If this move creates enough upside momentum then look for a possible retest of today’s intraday high at 28303.

Taking out 28303 will indicate the buying is getting stronger. This could lead to a test of the steep uptrending Gann angle at 28336. Crossing to the strong side of this angle will put the Dow in an extremely bullish position.

Bearish Scenario

A sustained move under 28131 will signal the presence of sellers. If this move creates enough downside momentum then look for a possible break into an uptrending Gann angle at 27824. This is followed by the short-term pivot at 27808.

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

Trade With A Regulated Broker

  • Your capital is at risk
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.
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.