James Hyerczyk
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E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening on Monday. The blue chip average received an early boost after data over the weekend showed profits at China’s industrial firms grew for the fourth straight month in August.

Shares of technology-related stocks including Apple Inc and Microsoft, two Dow components, rose between 1.1% and 2.2%.

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Other components, JPMorgan Chase & Co and Goldman Sachs Group Inc, added between 0.8% and 2%. While Boeing shares rose 2.5% after the FAA Chief Steve Dickson said the agency is set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.

At 14:40 GMT, December E-mini Dow Jones Industrial Average futures are trading 27535, up 492 or +1.76%.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum has been trending higher since the formation of the closing price reversal bottom on September 24 and its subsequent confirmation on Friday.

A trade through 26407 will negate the closing price reversal bottom and signal a resumption of the downtrend. The main trend will change to up on a move through the last main top at 28251.

The main range is 24377 to 29050. Its retracement zone at 26714 to 26162 is support. This zone stopped the selling at 26407 last week.

The minor range is 28251 to 26407. Its retracement zone at 27329 to 27547 is the first upside target. It is currently being tested.

The short-term range is 29050 to 26407. Its retracement zone at 27729 to 28040 is the second upside target. This is also the last potential resistance before 28251.


Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini S&P 500 Index into the close on Monday is likely to be determined by trader reaction to the minor Fibonacci level at 27547.

Bullish Scenario

A sustained move over 27547 will indicate the presence of buyers. This could fuel a follow-through rally into the short-term 50% level at 27729, followed by the short-term Fibonacci level at 28040. The latter is the last potential resistance level before the 28251 main top.

Bearish Scenario

A sustained move under 27547 will signal the presence of sellers. This could lead to a retest of the minor 50% level at 27329.

If 27329 fails as support then look for the selling to possibly extend into another 50% level at 26991. This is followed by 26714.

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