E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Direction Being Controlled by 26999 Pivot

Based on last week’s price action and the current price at 26869, the direction of the December E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the pivot at 26999.
James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading higher in the pre-market session on Monday, helped by upbeat factory activity data from China. Helping to keep a lid on prices are worries the White House may place limits on U.S. investment into China. The news helped drive the stock market lower on Friday.

At 06:12 GMT, December E-mini Dow Jones Industrial Average futures are trading 26869, up 73 or +0.285.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26686 will reaffirm the downtrend. The main trend will change to up on a move through 27262.

The minor trend is also down. The minor trend changes to up on a move through 27112. This will also shift momentum to the upside. A trade through 26686 will indicate the selling is getting stronger.

The short-term range is 27312 to 26686. Its 50% level or pivot at 26999 has been providing resistance the last four sessions.

The main range is 27375 to 25014. Its retracement zone at 26473 to 26278 is the first downside target.

The intermediate range is 25244 to 27312. Its retracement zone at 26278 to 260234 is another potential downside target.

Combining the two ranges creates a potential support cluster at 26278 to 26195. We could see a technical bounce on the first test of this area.

Daily Swing Chart Technical Forecast

Based on last week’s price action and the current price at 26869, the direction of the December E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to the pivot at 26999.

Bearish Scenario

A sustained move under 26999 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into last week’s low at 26686. If this fails then look for the selling to possibly extend into the main Fibonacci level at 26473. This level is a potential trigger point for an acceleration into the support cluster at 26278 to 26195.

Bullish Scenario

Overtaking and sustaining a rally over 26999 will signal the presence of buyers. This could trigger a surge into the minor top at 27112, followed by four main tops at 27262, 27312, 27338 and 27375.

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