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James Hyerczyk
E-mini Dow Jones Industrial Average Down

December E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market close. Unless there is a last hour surge in the cash Dow, the Dow futures are likely to finish lower for the day, bringing an end to its five-day winning streak. However, it is still in a position to settle higher for the week.

At 20:31 GMT, December E-mini Dow Jones Industrial Average futures are at 27627, down 39 or -0.14%.

The market is also posting an inside day on Friday, which suggests investor indecision and impending volatility. The indecision is likely being caused by the lack of progress in U.S.-China trade talks, particular when and where a trade deal will be signed. The indecision is likely capping gains, while the rolling back of future tariffs by the two economic powerhouses is likely providing support.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27739 will signal a resumption of the uptrend. The main trend will change to down on a trade through 26588. This is highly unlikely, but the prolonged move up in terms of price and time have put the Dow inside the window of time for a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 27337 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 27337 to 27739. Its 50% level or pivot at 27538 is the first potential support.

The second minor range is 26847 to 27739. Its 50% level or pivot at 27293 is the next potential support level.

The major support is the uptrending Gann angle at 27367. This angle, moving at a rate of 64 points per day from the 25703 main bottom on October 3, has been guiding the market higher for 26 trading days. Look for the start of a steep sell-off if this angle fails as support.


Daily Technical Forecast

The December E-mini Dow Jones Industrial Average futures contract is in no position to post a daily close price reversal top, but a close under the pivot at 27538 will be a sign of weakness. This move won’t change the trend either, but it will indicate the selling is greater than the buying at current price levels.

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