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James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures hit a record high on Wednesday and are in a position to post a record high close on the back of a surge in shares of Disney. Traders appeared to be shrugging off any concerns over U.S.-China trade relations.

On the data front, U.S. consumer inflation came in better-than-expected. Fed Chairman Jerome Powell addressed the Congressional Joint Economic Committee. In prepared remarks, Powell said the path of Fed interest rates is unlikely to change as long as the economy keeps growing.

The Trump impeachment inquiry hearings began on Wednesday with much fanfare, and without exerting any pressure on the market.

At 19:48 GMT, December E-mini Dow Jones Industrial Average futures are trading 27722, up 59 or +0.21%.

December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27739 earlier on Wednesday reaffirmed the uptrend. The main trend will change to down on a trade through 26588. This is highly unlikely, however, due to the prolonged move up in terms of price and time, the market is vulnerable to a closing price reversal top.

The minor trend is also up. A trade through 27337 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 27337 to 27764. Its 50% level or pivot at 27551 is support.

The second minor range is 26847 to 27764. Its 50% level at 27306 is additional support.


Daily Technical Forecast

Based on the early price action and the current price at 27722, the direction of the December E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to Tuesday’s close at 27663.

Bullish Scenario

A sustained move over 27663 will indicate the presence of buyers. If this is able to generate enough upside momentum then look for a potential breakout over the intraday high at 27764.

Bearish Scenario

A sustained move under 27663 will signal the presence of sellers. This will put the Dow in a position to post a potentially bearish closing price reversal top.

The first intraday target is the long-term uptrending Gann angle at 27559, followed closely by a pivot at 27551.

The pivot at 27551 is a potential trigger point for an acceleration to the downside.

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