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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Weak Under 35679, Strong Over 35908

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December E-mini Dow Jones Industrial Average futures finished slightly lower on Wednesday as investors moved back into technology shares, pressuring industrials and financials.

In economic news, the so-called core PCE price index, the Federal Reserve’s preferred inflation measure, also accelerated in October. Other data showed weekly jobless claims fell and third-quarter GDP was revised higher, while a University of Michigan survey showed consumer sentiment improved in November.

On Wednesday, December E-mini Dow Jones Industrial Average futures settled at 35749, down 17 or -0.05%.

In other news, various Federal Reserve policymakers said they would be open to speeding up elimination of their bond-buying program and move more quickly to raise interest rates if high inflation held, minutes of the U.S. central bank’s last policy meeting showed.

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 35370 will signal a resumption of the downtrend. A move through 36238 will change the main trend to up.

The minor trend is also down. A trade through 35370 will indicate the selling is getting stronger. A move through 35988 will change the minor trend to up and shift momentum to the upside.

The minor range is 35988 to 35370. The E-mini Dow closed on the strong side of its pivot at 35679, making it potential support.

The short-term range is 36446 to 35370. Its 50% level at 35908 is potential resistance.

On the downside, the nearest support is 35315. This is followed by the best support zone at 34915 – 34553. A test of this area could bring in new buyers.

Daily Swing Chart Technical Forecast

The direction of the December E-mini Dow Jones Industrial Average early Friday is likely to be determined by trader reaction to 35679.

Bullish Scenario

A sustained move over 35679 will indicate the presence of buyers. If this move creates enough upside momentum then look for a surge into 35908.

Taking out the minor top at 35988 will shift momentum to the upside. This could trigger an acceleration into the main top at 36238. A move through this level will change the main trend to up.

Bearish Scenario

A sustained move under 35679 will signal the presence of sellers. If this generates enough downside momentum then look for a break into 35370.

A trade through 35370 will indicate the selling is getting stronger. This could trigger a further break into the 50% level at 35215. If this level fails then look for an acceleration into the retracement zone at 34915 to 34553. Look for buyers on a test of this zone.

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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