E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – January 14, 2019 Forecast

March E-mini Dow Jones Industrial Average futures are trading lower shortly after the cash market opening. Sellers are responding to weak trade balance data from China, nervousness ahead of the start of earnings season and increasing concerns over the U.S. government shutdown. Underpinning the index is hope for a trade deal between the United States and China.

At 1431 GMT, March E-mini Dow Jones Industrial Average futures are trading 23751, down 199 or -0.82%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 23999 will signal a resumption of the uptrend.  The main trend changes to down on a move through 22563.

The minor trend is also up. It will turn down on a trade through 23640. This will also shift momentum to the downside.

The main range is 24860 to 21452. Its retracement zone at 23558 to 23156 is support. Holding above this zone is also helping to generate a slight upside bias.

Daily Technical Forecast

Based on the current price at 23751, the nearest resistance is the minor top at 23999. This is followed by a downtrending Gann angle at 24188. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at 24524. This is the last potential resistance angle before the 24850 main top.

On the downside, the first target is the Fibonacci level at 23558. This is followed by a short-term uptrending Gann angle at 23331. The longer-term uptrending Gann angle comes in at 22988, followed closely by the main 50% level at 23156.

The bias seems to be to the downside so look for a move into the support zone. Since the trend is up, buyers are likely to come in on a test of this area.