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