E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – July 17, 2019 Forecast

Based on the early price action and the current price at 27302, the direction of the September E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 27277.
James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading lower shortly after the cash market opening. Investors are showing little interest in equities at current levels after last week’s surge to record highs was fueled by expectations of lower interest rates. Some of the major players may be on the sidelines ahead of next week’s European Central Bank policy meeting and the Federal Reserve’s meeting at the end of the month.

At 13:42 GMT, September E-mini Dow Jones Industrial Average futures are trading 27302, down 26 or -0.10%.

Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27397 will signal a resumption of the uptrend. The main trend will change to down on a trade through 26657. This is highly unlikely, but there is room for a normal 50% to 61.8% correction.

The short-term range is 26657 to 27397. If the selling pressure continues then look for a potential break into its retracement zone at 27027 to 26940. Since the trend is up, look for a technical bounce on the first test of this area.

Daily Technical Forecast

Based on the early price action and the current price at 27302, the direction of the September E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 27277.

Bullish Scenario

A sustained move over 27277 will indicate the presence of buyers. If this creates enough upside momentum then look for a rally into the next uptrending Gann angle at 27369.

Overtaking 27369 will indicate the buying is getting stronger. This could lead to a test of the minor top at 27397, followed by a steep uptrending Gann angle at 27425. Crossing to the strong side of this angle will put the Dow in an extremely bullish position.

Bearish Scenario

A sustained move under 27277 will signal the presence of sellers. The daily chart indicates there is plenty of room to the downside under this angle. We could see an acceleration to the downside with the next target an uptrending Gann angle at 27041, followed by the short-term retracement zone at 27027 to 26940.

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