E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – August 15, 2019 Forecast

September E-mini Dow Jones Industrial Average futures are trading lower during the pre-market session after erasing earlier gains. The sudden price reversal was fueled by a report that said China has to retaliate against the U.S. after the recent announcement of an additional tariffs on $300 million of Chinese exports. The news comes just two days after President Trump announced a delay in some of those tariffs until December 15.

At 10:46 GMT, September E-mini Dow Jones Industrial Average futures are trading at 25264, down 186 or -0.72%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26408 will change the main trend to up. A move through 25032 will signal a resumption of the downtrend.

The main range is 24626 to 27397. Its retracement zone at 26012 to 25685 is controlling the near-term direction of the market. The market is currently trading on the weak side of this zone. It is also new resistance.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at 25458.

Bearish Scenario

A sustained move under 25458 will indicate the presence of sellers. If this move continues to generate downside momentum then look for the selling to extend into the uptrending Gann angle at 25042, followed closely by the main bottom at 25032. If this level fails, then look for a drive into the next uptrending Gann angle at 24834. This is the last potential support angle before the 24626 main bottom.

Bullish Scenario

A sustained move over 25458 will signal the return of buyers. The first upside target is the main Fibonacci level at 25685. Overcoming this level could trigger an acceleration into a downtrending Gann angle at 25925. Overtaking this angle could extend the rally into the main 50% level at 26012.