E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Strengthens Over 26245, Weakens Under 26215

Based on the early price action and the current price at 26333, the direction of the September E-mini Dow Jones Industrial Average in the close on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 26245.
James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading higher at the mid-session. The increased demand for risk is being fueled by easing geopolitical tensions in Hong Kong and the UK. Stronger-than-forecast economic data from China is also underpinning prices as well as positive comments from a FOMC member.

Bank stocks are posting solid gains as the U.S. yield curve “uninverted”, with the 10-year rate trading above its 2-year counterpart for the first time in weeks. Bank of America and Citigroup gained more than 1% each while J.P. Morgan Chase advanced 1.1%.

At 17:35 GMT, September E-mini Dow Jones Industrial Average futures are trading 26333, up 211 or +0.81%.

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 26559 will signal a resumption of the uptrend. The main trend will change to down on a trade through 25977.

The minor trend is also up. A trade through 25977 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 27397 to 25032. Its retracement zone at 26215 to 26494 is acting like resistance today. The market is currently trading inside this range. It is controlling the near-term direction of the Dow.

The main range is 24626 to 27397. Its retracement zone at 26012 to 25685 is support. This zone is also controlling the longer-term direction of the Dow.

Daily Technical Forecast

Based on the early price action and the current price at 26333, the direction of the September E-mini Dow Jones Industrial Average in the close on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 26245.

Bullish Scenario

A sustained move over 26245 will indicate the presence of buyers. If it continues to generate enough upside momentum then look for a surge into the short-term Fibonacci level at 26494. This is followed closely by the minor top at 26559. This is a potential trigger point for an acceleration to the upside with the next target angle coming in at 26821.

Bearish Scenario

A sustained move under 26245 will signal the presence of sellers. This is followed closely by the short-term 50% level at 26215. Taking out this level could lead to a test of the steep uptrending Gann angle at 26034, followed closely by the main 50% level at 26012.

The trigger point for an acceleration to the downside is 26012.

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