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E-mini Dow Jones Industrial Average (YM) Futures Analysis – December 14, 2018 Forecast

December E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market opening. The market is being pressured by weaker-than-expected economic data from China and renewed concerns over a weakening Euro Zone economy. China reported industrial output and retail sales growth numbers for November that missed expectations. In Europe, shares fell after the release of weaker-than-forecast IHS Markit Flash Eurozone PMI data.

At 1300 GMT, December E-mini Dow Jones Industrial Average futures are trading 24355, down 216.00 or -0.88%.

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Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since the formation of the closing price reversal bottom on December 10.

A trade through 26088 will change the main trend to up. A move through 23894 will negate the closing price reversal bottom and signal a resumption of the downtrend. This could lead to a further break into a pair of bottoms at 23580 and 23500.

The minor trend is also down. A trade through 24844 will change the minor trend to up. This will reaffirm the shift in momentum to the upside.

The short-term range is 23894 to 24844. Its retracement zone is 24369 to 24257.

The intermediate range is 26088 to 23894. Its 50% level is 24991.

A major Fibonacci target level is 24824.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the December E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 24257.

Bullish Scenario

A sustained move over 24257 will indicate the presence of buyers. The first target is the 50% level at 24369. This is a potential trigger point for an acceleration to the upside with targets coming in at 24824 and 24844.

Overcoming 24844 could trigger a further rally into the 50% level at 24991.

Bearish Scenario

A sustained move under 24257 will signal the presence of sellers. This could lead to an acceleration to the downside since the next major target is 23894. If this price fails then look for the selling to extend into 23580 to 23500.

Basically, look for an upside bias to develop on a sustained move over 24369 and for a downside bias to develop on a sustained move under 24257.

This article was originally posted on FX Empire

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