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James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are expected to open lower based on the pre-market trade. There was very little follow-through to the upside following Friday’s surge that was fueled by stronger-than-expected U.S. jobs data and consumer sentiment report.

Traders are also digesting a report from China showing weak exports in November. The lack of progress in U.S.-China trade talks is also a concern. We could also be looking at position-squaring ahead of the Federal Reserve’s monetary policy decision on Wednesday.

At 14:23 GMT, December E-mini Dow Jones Industrial Average futures are trading 27989, down 25 or -0.09%.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 28197 will change the main trend to up. A move through 27312 will signal a resumption of the downtrend.

The short-term range is 28197 to 27312. Its 50% level or pivot at 27755 is potential support. Another support level is 27522.

The main range is 26588 to 28197. Its retracement zone at 27392 to 27202 is additional support. This zone stopped the selling last week at 27312.


Daily Technical Forecast

Based on the early trade and the current price at 27989, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 28037.

Bearish Scenario

A sustained move under 28037 will indicate the presence of sellers. The first downside target is a support cluster at 27877 to 27824.

If 27824 fails to hold then look for the selling to possibly extend into the pivot at 27755.

Bullish Scenario

A sustained move over 28037 will signal the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into the next downtrending Gann angle at 28117. This is the last potential resistance level before the 28197 main top.

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