E-mini Dow Jones Industrial Average

E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 31, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open lower based on the pre-market trade. End-of-the-month position-squaring and profit-taking ahead of the long U.S. holiday week-end could be behind the weakness. Fundamentally, trade concerns are dampening demand for higher risk assets.

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

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26185 will signal a resumption of the uptrend. The main trend will change to down on a move through 25607.

The short-term range is 25607 to 26185. Its retracement zone at 25896 to 25828 is the first downside target. Since the main trend is up, buyers could come in on a test of this zone.

The main range is 24955 to 26185. If the trend changes to down then look for the selling to continue into 25570 to 25425.

Daily Technical Forecast

Based on the current price at 25957, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the uptrending Gann angle at 25991.

A sustained move under 25991 will indicate the presence of sellers. This could trigger a break into a series of potential support levels including a 50% level at 25896, a Fibonacci level at 25828 and an uptrending Gann angle at 25799.

The major support angle comes in at 25723.

Overtaking and sustaining a move over the uptrending Gann angle at 25991 will signal the presence of buyers. This could lead to a labored rally with potential target angles coming in at 26057, 26121 and 26153. The latter is the last potential resistance angle before the 26185 main top.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.