Yahoo Finance E-mini Dow Jones Industrial Average (YM) Futures Analysis – January 23, 2018 Forecast
March E-mini Dow Jones Industrial Average futures are called lower based on the pre-market session. The early price action was driven higher by better-than-expected earnings and revenue from Johnson & Johnson, Procter & Gamble and Travelers Cos. Verizon came up short on profits, but its sales beat the estimate.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when the market took out the previous day’s high. Given the prolonged move up in terms of price and time, today’s session begins with the Dow in the window of time for a closing price reversal top. This potentially bearish chart pattern could trigger the start of a two to three day break.
The key number to watch today is yesterday’s close at 26195. A sustained move over this level will signal the presence of buyers. There is no resistance.
A sustained move under 26195 on an intraday basis will indicate the presence of sellers. This could trigger a move into the long-term uptrending Gann angle at 26079. If this angle fails, then the short-term uptrending angle at 26006 becomes the next target.
Watch the price action and read the order flow at 26195 all session. Trader reaction to this level will tell us if the buying is getting stronger, of if sellers are starting to take control.
This article was originally posted on FX Empire
