E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trend Changed to Down Overnight

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December E-mini Dow Jones Industrial Average futures are trading flat early Thursday after taking a loss the previous session. While investors fretted over the possibility of early rate hikes by the Federal after strong retail earnings, the blue chip average was being pressured by component Visa after Amazon said it would stop accepting cards issued by the operator in the U.K.

At 05:24 GMT, December E-mini Dow Jones Industrial Average futures are trading 35878, up 11 or +0.03%.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down early Thursday when sellers took out the previous main bottom at 35823. A move through 36238 will turn the main trend back to up.

The first minor range is 35383 to 36446. The E-mini Dow is currently trading on the weak side of its pivot at 35915, making it resistance.

The second minor range is 36446 to 35823. Its 50% level at 36133 is potential resistance.

On the downside, the first potential support level is a pivot at 35215, followed by a short-term retracement zone at 34915 – 34553.

Daily Swing Chart Technical Forecast

The direction of the December E-mini Dow Jones Industrial Average on Thursday is likely to be determined by trader reaction to 35915.

Bearish Scenario

A sustained move under 35915 will indicate the presence of sellers. Taking out the intraday low at 35819 will indicate the selling pressure is getting stronger.

The daily chart shows there is plenty of room to the downside with a minor bottom at 35383 the first target, followed by 35215 and 34915 – 34553. So don’t be surprised if there is an acceleration to the downside under 35819.

Bullish Scenario

A sustained move over 35915 will signal the presence of buyers. This could trigger a surge into 36133, followed by 36238.

Taking out 36238 will change the main trend to up. This could trigger an acceleration into the record high at 36446.