March E-mini Dow Jones Industrial Average futures are trading higher during the pre-market futures session on Friday. This is a continuation of Thursday’s strong surge to the upside. Yesterday’s rally was fueled by weak factory inflation data which suggested the Fed may have to reduce the number of rate hikes in 2018. Lower rates are supportive for stocks.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The session began with the index in the window of time for a potentially bearish closing price reversal top. A close below 25555 will form this chart pattern.
Daily Technical Forecast
Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average on Friday will be determined by trader reaction to Thursday’s close at 25555.
A sustained move over 25555 will indicate the presence of buyers. Holding above the steep uptrending Gann angle at 25622 will indicate the buying is getting stronger. A sustained move over the steep, long-term uptrending Gann angle at 25698 will put the Dow futures contract in an extremely bullish position.
Turning lower for the session and sustaining the move through 25555 will signal the presence of sellers. An intraday move under this level will indicate the selling is getting stronger. This could lead to the minor bottom at 25222.
Taking out 25222 will change the minor trend to down. This could trigger an acceleration to the downside.
This article was originally posted on FX Empire
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