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James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are inching lower shortly before the release of the initial claims report at 12:30 GMT, the cash market opening at 13:30 GMT and the ISM Non-Manufacturing PMI report.

Earlier in the session, the Dow rallied through yesterday’s high while the S&P 500 and the NASDAQ Composite moved lower. This indicates a rotation may be going on ahead of Friday’s U.S. Non-Farm Payrolls report and the long Labor Day holiday weekend.

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At 12:25 GMT, September E-mini Dow Jones Industrial Average futures are trading 29047, down 43 or -0.15%.

There are early signs that investors may be taking protection ahead of the jobs report and holiday by selling high flying technology stocks and buying defensive or cyclical stocks.

Daily September E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out yesterday’s high. A trade through the intraday high at 29175 will indicate that buyers have returned. The main trend changes to down on a trade through the nearest main bottom at 28257.

There is also the possibility of a daily closing price reversal top. This chart pattern won’t change the main trend to down, but it could signal the start of a short-term correction.

The first minor range is 28357 to 29175. Its 50% level at 28716 is the first downside target.

The second minor range is 27392 to 29175. Its 50% level at 28284 is the second potential downside target.


Daily Technical Forecast

Based on the early price action, we’re going to be watching trader reaction to the uptrending Gann angle at 29081 and Wednesday’s close at 29069 for direction.

Bullish Scenario

A sustained move over 29081 will indicate the presence of buyers. Taking out the intraday high at 29175 will indicate the buying is getting stronger. This move can trigger an acceleration to the upside with the February 12 top at 29467 the next major upside target.

Bearish Scenario

A sustained move under 29069 will signal the presence of sellers. This could trigger a break into the short-term uptrending Gann angle at 28769, this is followed by the short-term pivot at 28716.

We could see a technical bounce on the first test of 28716, but if it fails then look for the selling to possibly extend into a pair of uptrending Gann angles at 28513 and 28385. The latter is the last potential support angle before the 28257 main bottom.

For a look at all of today’s economic events, check out our economic calendar.
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