Yahoo Finance E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 19, 2018 Forecast
December E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening. Increased demand for risky assets is behind the move. It started with a shift in momentum to the upside on Tuesday.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 25991 will change the main trend to down.
Daily Technical Forecast
Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session will be determined by trader reaction to the steep uptrending Gann angle at 26442.
Crossing to the strong side of the angle at 26442 will put the Dow in a bullish position. A sustained move over this angle will indicate the buying is getting stronger. If this continues to generate upside momentum then we could see a test of the contract high at 26709 by September 24.
The inability to sustain a rally over 26442 will signal the presence of sellers. If longs decide to take profits at this point then look for a possible break into the nearest short-term uptrending Gann angle at 26104. Since the main trend is up, we could see a technical bounce on the first test of this angle.
If 26104 fails as support then look for the selling to extend into the main bottom at 25991, followed by an uptrending Gann angle at 25944. This is the last potential resistance angle before the 25784 main bottom.
This article was originally posted on FX Empire
