E-Mini Dow Jones: inside bar pattern, bearish the short term view

E-Mini Dow Jones technical overview is mildly negative. An inside bar pattern has been drawn on daily chart. The price is below the 14 days SMA.

E-Mini Dow Jones yesterday closing price was basically unchanged (-0.07%) at 17470. Technical overview is mildly negative, an inside bar pattern has been drawn on daily chart. The short term view leaves assume a price movements between support and resistance levels. Many leading oscillators confirm the actual trend but no bullish or bearish signals are triggered.
E-Mini Dow Jones inside bar  pattern

View the interactive chart on ProRealTime.com

Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 17582). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is lower than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 23/05/2016.

Performance: 7 trading days= -0.14% – 15 trading days= -1.15% – 30 trading days= -0.95%

Resistance levels: R1= 17525 – R2= 17580 – R3= 17682
Pivot Point: 17478
Support levels: S1= 17423 – S2= 17376 – S3= 17274


Buying opportunity above 17536 targets minor resistance at 17610 and perhaps as far as strong resistance at 17669, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 17837.

Selling opportunity below 17398 targets minor support at 17330 and perhaps as far as strong support at 17271, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 17100.