E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 2, 2018 Forecast

James Hyerczyk
Updated
0

March E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market opening. The market is following through to the downside after yesterday’s late session sell-off. At 1241 GMT, the Dow is trading 24399, down 221 or -0.91%.

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

Daily Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down on Thursday with a trade through the former main bottom at 24576. The trend will change to up on a move through 25813.

The main range is 26684 to 23088. Its retracement zone is 24886 to 25310. This zone is new resistance. It is also controlling the longer-term direction of the market. Trading below it is helping to give the market a downside bias today.

The short-term range is 23088 to 25813. Its retracement zone at 24451 to 24129 is the primary downside target. Trader reaction to this zone will determine the tone of the market today. This zone is currently being tested.

Daily Technical Forecast

Based on the early trade, the direction of the Dow is likely to be determined by trader reaction to the short-term 50% level at 24451.

A sustained move under 24451 will signal the presence of sellers. This could drive the Dow into the uptrending Gann angle at 24176, followed closely by the minor Fibonacci level at 24129.

If 24129 fails then look for a possible acceleration to the downside into an uptrending Gann angle at 23632. This is followed closely by another uptrending Gann angle at 23360. This is the last potential support angle before the 23088 main bottom.

A sustained move over 24451 will indicate the return of buyers. This is also a possible trigger point for an acceleration into 24886 then 25045.

This article was originally posted on FX Empire

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