E-mini Dow Jones Industrial Average (YM) Futures Analysis – August 4, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are trading higher shortly after the release of the U.S. Non-Farm Payrolls report and the cash market opening.

The main trend is up according to the daily swing chart. However, the Dow is also in the window of time for a potentially bearish closing price reversal top.

There is no resistance so this rally is likely to end with a chart pattern. The best pattern to watch for is a closing price reversal top. We’ve already had the higher-high, now all we need is a lower close to begin the pattern.

Two things can happen today, firstly, buyers can take out 22025 and continue to the upside without looking back, or secondly, this early attempt to breakout to the upside could fail if investors decide not to buy strength and sellers take control.

Once again the key angle to watch comes in at 22022. This angle, moving up at a rate of 32 points per day, has been guiding the Dow higher for 9 days. The market opened under this angle today, and is now trying to overtake it.

Holding above 22022 will indicate the buying is getting stronger. A sustained move under it will indicate increasing selling pressure. If this occurs then start looking for the reversal top late in the session.

The trend is your friend, but start watching for signs of a closing price reversal top.