E-mini Dow Jones Industrial Average (YM) Futures Analysis – September 19, 2017 Forecast
December E-mini Dow Jones Industrial Average futures are expected to open higher based on the pre-market trade as investors awaited a Federal Reserve meeting for clues on monetary policy.
Daily Technical Analysis
The main trend is up according to the daily swing chart. There is no resistance at this time, however, the market is in the window of time for a potentially bearish closing price reversal top. The formation of this chart pattern won’t mean the trend is getting ready to turn down, but it will be an indication that the selling is greater than the buying at current price levels.
The nearest support is a former top at 22089.
Daily Forecast
They say the trend is your friend so it’s right to remain bullish until there is a break in the pattern. There are a number of possible topping signals but the best is the higher-high, lower-close. Following a prolonged move up in terms of price and time, a higher-high, lower-close often signals the start of a 2 to 3 day correction.
We’ve already had the higher-high, now we need to watch yesterday’s close at 22299 the rest of the session.
The Dow is either going to take off to the upside over yesterday’s high, or break through yesterday’s close and form a reversal top. That’s it. There are only two possible patterns today.
This article was originally posted on FX Empire
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