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James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are in a position to finish the day and the week higher. Providing most of the buying power this week is the announcement of the resumption of trade talks between the United States and China in early October. The market remained underpinned throughout Friday’s session, but the buying power was much lighter as investors digested a mixed U.S. jobs report and a speech by Federal Reserve Chairman Jerome Powell.

At 20:07 GMT, September E-mini Dow Jones Industrial Average futures are at 26803, up 102 or +0.38%.

Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The main trend first turned up on August 30 when buyers took out a pair of swing tops at 26375 and 26408. After a short-term setback, the uptrend was reaffirmed on September 5 when buyers took out the previous week’s high at 26559. The main trend is safe for now with the last main bottom coming in at 25266.

The minor range is also up. A trade through 25977 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 27397 to 25032. Its retracement zone at 26494 to 26215 is support.

The major support remains the retracement zone at 26012 to 25685.


Daily Gann Angle Analysis

On Friday, September E-mini Dow Jones Industrial Average futures are challenging a downtrending Gann angle at 26789. Trader reaction to this Gann angle should determine the next major move by the futures contract.

A sustained move over the angle at 26789 will indicate the buying is getting stronger. This could create the upside momentum needed to challenge the next downtrending Gann angle at 27093. This could be the last potential resistance angle before the 27358 and 27397 main tops.

A sustained move under the angle, currently at 26789, will signal the presence of sellers. This won’t change the trend to down, but it will indicate the need for a pullback into a support area.

The first potential support is the Fibonacci level at 26494. This is followed by an uptrending Gann angle, currently at 26290. This angle is moving up at a rate of 128 points per day from the 25266 main bottom.


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