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E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 08, 2017 Forecast

James Hyerczyk
Updated

March E-mini Dow Jones Industrial Average futures are expected to open higher based on the pre-market trade. Investors are reacting to a bullish November jobs report that showed better-than-expected growth.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24086 will change the trend to down. A move through 24542 will signal a resumption of the uptrend.

The short-term range is 24542 to 24086. Its retracement zone is 24314 to 24368. This zone is controlling the short-term direction of the market.

Aggressive counter-trend traders may come in on a test of this zone in an effort to form a secondary lower top. Bullish trend traders are going to try to drive through this zone in an effort to make 24086 an important main bottom and to trigger a possible test of 24542.

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The main range is 23201 to 24542. If the trend changes to down, we could see a test of 23872 to 23713.

E-mini Dow Jones Industrial Average
Daily March E-mini Dow Jones Industrial Average

Daily Technical Forecast

Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to the long-term uptrending angle at 24225.

A sustained move over 24225 will signal the presence of buyers. This could lead to a labored rally because of potential resistance at 24286, 24314 and 24368.

Overtaking 24368 will indicate the buying is getting stronger. This could generate the upside momentum needed to challenge a pair of Gann angles at 24414 and 24478. The latter is the last potential resistance angle before the 24542 main top.

A sustained move under 24225 will indicate the presence of sellers. This will be a sign of weakness. If the selling pressure increases on the move then look for a drive into 24086.

If 24086 is taken out, the trend will change to down. This could trigger an acceleration into 23872.

This article was originally posted on FX Empire

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