E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – July 22, 2019 Forecast

Based on the early price action, and the current price at 27125, the direction of the September E-mini Dow Jones Industrial Average futures contract the rest of the session is likely to be determined by trader reaction to the steep downtrending Gann angle at 27077.
James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading flat about an hour after the cash market opening. The trade is directionless today ahead of a big week of earnings. More than a quarter of the S&P 500 reports earnings this week including so-called FANG names Facebook, Alphabet and Amazon, along with blue chips like McDonald’s and Boeing.

At 14:43 GMT, September E-mini Dow Jones Industrial Average futures are at 27125, down 7 or -0.02%.

In breaking news, Boeing, a Dow component, declined after Fitch turned negative on the maker of the grounded 737 Max.

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, but first, the index has to take out a short-term retracement zone.

The minor trend is up. A trade through 27057 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 26657 to 27397. Its retracement zone at 27027 to 26940 is potential support.

Daily Technical Forecast

Based on the early price action, and the current price at 27125, the direction of the September E-mini Dow Jones Industrial Average futures contract the rest of the session is likely to be determined by trader reaction to the steep downtrending Gann angle at 27077.

Bullish Scenario

A sustained move over 27077 will indicate the presence of buyers. If this creates enough upside momentum then look for a rally into a potential resistance cluster at 27233 to 27237. Crossing to the strong side of 27237 could trigger a surge into the downtrending Gann angle at 27317. This is the last potential resistance angle before the 27397 main top.

Bearish Scenario

A sustained move under 27077 will signal the presence of sellers. The next target is the short-term 50% level at 27027.

Look for a technical bounce on the first test of 27027. If it fails then look for the selling to possibly extend into a pair of uptrending Gann angles at 26957 and 26945. This is followed closely by a short-term Fibonacci level at 26940.

The trigger point for an acceleration to the downside is 26940. If this level fails then look for a potential acceleration into the main bottom at 26657.

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

Top Promotions

Top Brokers

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