E-mini Dow Jones Industrial Average (YM) Futures Analysis – November 19, 2015 Forecast
December E-mini Dow Jones Industrial Average futures reversed course after early session strength, leading to the call for a slightly lower opening. Based on the early price action, it looks like the key angle to watch today comes in at 17730. Trader reaction to this angle will set the tone for the session.
A sustained move over 17730 will signal the presence of buyers. Earlier today, this led to a rally to 17769. Taking out this level will signal a resumption of the intraday trend. This could trigger a further rally into a pair of slower-moving downtrending angles at 17818 and 17862. The latter is the last potential resistance before the 17906 main top.
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A sustained move under 17730 will indicate the presence of sellers. The daily chart is wide open under this angle with the next potential target a downtrending angle at 17554. The main downside target is a steep uptrending angle at 17436.
If a short-term range develops between 17052 and 17769 then its retracement zone at 17411 to 17326 becomes the primary downside target.
Watch the price action and read the order flow at 17730. Trader reaction to this angle will tell us whether the bulls or the bears are in control.