E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 14, 2017 Forecast
March E-mini Dow Jones Industrial Average futures are trading higher shortly after the opening. The blue chip average is getting a boost from yesterday’s dovish tone in the Fed’s monetary policy statement and today’s better-than-expected retail sales report.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The only pattern trend traders have to worry about is a potentially bearish closing price reversal top.
The main range is 24086 to 24703. Its retracement zone at 24395 to 24322 is new support.
Daily Technical Forecast
Based on the early price action, the direction of the Dow today is going to be determined by trader reaction to yesterday’s close at 24646.
A sustained move over 24646 will indicate the presence of buyers. If the buying is strong enough then look for a breakout over today’s intraday high with the first target the steep uptrending Gann angle at 24726.
Crossing to the strong side of the angle at 24726 and sustaining the move will put the Dow in a bullish position.
A sustained move under 24646 will signal the presence of sellers. This will also put the Dow in a position to form a daily closing price reversal top. A close under this level could lead to the start of a 2 to 3 day correction with the first major target coming in at 24481.
This article was originally posted on FX Empire
