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James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading higher shortly after the opening after posting a dramatic reversal to the upside following a surge in shares of Microsoft and AT&T. A chipmaker rally is also helping to boost support for technology shares.

Software giant Microsoft climbed nearly 1.5% before the opening bell after announcing Wednesday evening that it authorized another $50 billion for share buybacks and will raise its quarterly dividend by 5 cents to 51 cents per share.

The news offset earlier weakness that was fueled by general disappointment in the Federal Reserve. On Wednesday, the Fed cut its benchmark rate by 25 basis points as expected by failed to acknowledge further cuts in the near future.

At 14:06 GMT, December E-mini Dow Jones Industrial Average futures are at 27207, up 64 or +0.23%.

Daily December E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27312 will signal a resumption of the uptrend. A move through 26900 will change the main trend to down.

The minor range is 26706 to 27312. Its pivot at 27009 is acting like support. The major support is 26473 to 26195.


Daily Technical Forecast

Based on the early price action and the current price at 27207, the direction of the December E-mini Dow Jones Industrial Average the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at 27191.

Bullish Scenario

Taking out 27191 and sustaining the rally will indicate the presence of buyers. This could trigger a rally into the three main tops at 27312, 27338 and 27375.

Bearish Scenario

A sustained move under 27191 will signal the presence of sellers. This could trigger a break into a support cluster at 27009 to 27007. If 27007 fails as support then look for the selling to possibly extend into the main bottom at 26900.

Taking out 26900 will not only change the main trend to down, but it could also trigger an acceleration to the downside with the next targets 26639 and 26473.

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