E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Close Under 27184 Produces Closing Price Reversal Top

Based on the early price action and the current price at 27239, the direction of the December E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to 27184.
James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are called a little better on Friday shortly before the cash market opening. The catalyst behind the early strength is improving sentiment around U.S.-China trade relations. The cash market is also within striking distance of its all-time high, while in the midst of a seven-day winning streak.

At 12:26 GMT, December E-mini Dow Jones Industrial Average futures are trading 27239, up 55 or +0.20%.

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 confirmed earlier today when buyers took out yesterday’s high. This makes the main tops at 27338 and 27375 the next upside targets.

The Dow is in no position to change the main trend to down, but it is in the window of time for a potentially bearish closing price reversal top.

A close under 27184 will form a closing price reversal top. If confirmed, this could lead to the start of a 2 to 3 correction.

The main range is 27375 to 25014. Its retracement zone at 26473 to 26195 is support.

Daily Technical Forecast

Based on the early price action and the current price at 27239, the direction of the December E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to 27184.

Bullish Scenario

A sustained move over 27184 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to possible extend into 27338 and 27375. Taking out the latter will produce a new all-time high. This could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 27184 will signal the presence of sellers. The first target is a downtrending Gann angle at 27039. Crossing to the weak side of this angle will indicate the selling is getting stronger with the next target a steep uptrending Gann angle at 26908.

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