E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 1, 2017 Forecast

March E-mini Dow Jones Industrial Average futures posted a new all-time high during the pre-market session, leading to the call for a higher opening in the cash market. The move is a response to President Trump’s speech on Tuesday night.

Technical Analysis

The main trend is up according to the daily swing chart. The Dow isn’t close to turning the main trend down, but it is still in the window of time for a potentially bearish closing price reversal top. It’s going to have to be unexpected news to produce a dramatic higher-high, lower-close that will end the rally.

A trade through 20695 will change the minor trend to down.

Forecast

Based on the current price at 20916 and the early price action, we’re in a momentum-driven market once again.

If the upside momentum continues then we could see a test of the long-term uptrending angle at 20993. Overtaking this angle will put the Dow in an extremely bullish position.

On the downside, the first support angle comes in at 20791. This angle has been guiding the Dow higher for three days. It’s the last potential support angle before the 20695 minor bottom.

If this bottom is taken out with conviction then look out to the downside because the nearest support angle doesn’t come in until 20353.