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James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are extending losses late in the session on Friday as technology shares struggled once again to find upside traction and recovery from its September losses. The decline was led by components Apple and Microsoft, which lost more than 3% and 1% respectively.

At 17:40 GMT, December E-mini Dow Jones Industrial Average futures are trading 27440, down 379 or -1.36%.

Friday’s moves come as a series of individual stock, ETF and index options are set to expire. This could lead to volatile trading as small and large investors alike unwind these positions ahead of expirations.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 27068 will signal a resumption of the downtrend.

The new main top is 28251. A trade through this level will change the main trend to up.

The first short-term range is 27068 to 28251. Trading on the weak side of its retracement zone at 27520 to 27660 is helping to contribute to the downside momentum. This zone is new resistance.

The second short-term range is 29050 to 27068. Its retracement zone at 28059 to 28293 is the major resistance zone. This area stopped the buying at 28251 on September 16.


Short-Term Outlook

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract into the close is likely to be determined by trader reaction to the Fibonacci level at 27520.

Bearish Scenario

A sustained move under 27520 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the 27068 main bottom over the short-run.

Bullish Scenario

A sustained move over 27520 could indicate the return of buyers, or that the selling is slowing down. This could lead to a test of the 50% level at 27660. Overtaking this level could trigger an acceleration to the upside.

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

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