E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trading on Weakside of Pivot at 35915

December E-mini Dow Jones Industrial Average futures are trading lower at the mid-session on Thursday. Weighing on the blue chip average are shares of Disney, which fell more than 7% after the media giant missed on the top and bottom lines of its quarterly results. Disney+ subscribers also came in short of estimates.

At 17:00 GMT, December E-mini Dow Jones Industrial Average futures are at 35916, down 76 or -0.21%.

Helping to underpin the market today are shares of Dow Inc and Walgreens Boots Alliance Inc, which are up 1.71% and 1.60% respectively.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 36446 will signal a resumption of the uptrend. A move through 33984 will change the main trend to down.

The minor trend is also up. A trade through 35383 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 35383 to 36446. The E-mini Dow is straddling its pivot at 35915.

The next downside target is a pivot at 35215. This is followed by a value zone at 34915 to 34553.

Daily Swing Chart Technical Forecast

The direction of the December E-mini Dow into the close on Thursday will be determined by trader reaction to 35915.

Bearish Scenario

A sustained move under 35915 will indicate the presence of sellers. The daily chart indicates there is plenty of room to the downside so we could start to see an acceleration to the downside if the selling volume picks up. The first two downside targets are a minor bottom at 35383, followed by a minor pivot at 35215.

Bullish Scenario

A sustained move over 35915 will signal the presence of buyers. If this move generates enough upside momentum then look for the buying to possibly extend into a new pivot at 36157.