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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Traders Respecting 26714 – 26162

James Hyerczyk
·2 mins read

December E-mini Dow Jones Industrial Average futures are edging higher shortly before the close on Tuesday in a relatively lackluster trading session. The inside trading range, following Monday’s steep sell-off, suggests investor indecision and impending volatility as they reassess the current economic environment.

U.S. stocks started this week on the back foot as fears about a new round of lockdowns in Europe and a stalemate in Congress over the size and shape of another coronavirus-response bill dented hopes of a swift economic recovery.

At 20:24 GMT, December E-mini Dow Jones Industrial Average futures are trading 27143, up 88 or +0.33%.

Investors are now bracing for an extended period of market volatility on concerns over growing political uncertainty in Washington that have been sharpened by the death of Supreme Court Justice Ruth Bader Ginsburg.

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

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26584 will signal a resumption of the downtrend. The main trend will change to up on a trade through 28251.

The main range is 24377 to 29050. Its retracement zone at 26714 to 26162 is potential support. This zone stopped the selling on Monday at 26584.

The intermediate range is 25777 to 29050. The Dow is currently straddling its retracement zone at 27027 to 27414.

The short-term range is 29050 to 26584. Its retracement zone at 27817 to 28108 is also a potential upside target.

Short-Term Outlook

The key area to watch the rest of the week is 26714 to 26162. The lower or Fibonacci level at 26162 has to hold or prices could collapse as far as 24377, the June 15 bottom, over the near-term.

Holding above the 50% level at 26714 will signal the presence of buyers, but bullish traders will have to overcome a series of retracement levels at 27027, 27414, 27817 and 28108 before having a shot at the nearest main top at 28251 and a possible change in trend.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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