E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – July 30, 2019 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open about 100 points lower based on the pre-market trade. Sellers drove prices from their highs earlier in the session after tweets from President Trump raised doubts about a favorable outcome of the renewed U.S.-China trade negotiations. Traders are also squaring positions ahead the release of earnings from Dow component Apple after the bell.

At 12:58 GMT, September E-mini Dow Jones Industrial Average futures are trading 27087, down 111 or -0.41%.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 27040 will signal a resumption of the downtrend. The main trend changes to up on a trade through main tops at 27358 and 27397.

The short-term range is 26657 to 27397. Its retracement zone at 27027 to 26940 is the first downside target. This zone is potential support. Watch for buyers on the first test of this zone.

Daily Technical Forecast

Based on the early price action and the current price at 27087, 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 a pair of uptrending Gann angles at 27149 and 27137.

Bearish Scenario

A sustained move under 27137 will indicate the presence of sellers. If this creates enough downside momentum then look for a drive into 27040, followed by 27027. Watch for a technical bounce on the first test of 27027.

If 27027 fails then look for the selling to possibly extend into the short-term Fibonacci level at 26940, followed by the uptrending Gann angle at 26921. This angle is a potential trigger point for an acceleration to the downside with the next target angle coming in at 26797.

Bullish Scenario

Overtaking and sustaining a rally over 27149 will indicate the return of buyers. The first target angle drops in at 27221. Sellers could come in on the first test of this angle. A drive through 27221 could trigger a surge into the next downtrending Gann angle at 27309. This is the last potential resistance angle before the 27358 and 27397 main tops.