Although the view on E-Mini Dow Jones is still positive in the short term, we suggest to pay attention to the negative values of Momentum indicator.
E-Mini Dow Jones closed Wednesday’s trading session at 21422, basically unchanged (-0.07%). Technical overview is neutral. Although the short term trend is still bullish, we suggest to pay attention to the negative values of Momentum indicator which could anticipate the start of a mild price correction phase.
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Simple Moving Average (SMA)
Prices are above 14 day moving average (SMA value is 21372). The trend in the short term remains bullish, however for today trading session we can’t exclude drops towards the first support levels.
E-Mini Dow Jones daily chart shows an increase in volumes compared to 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: 05/07/2017.
Performance: 7 trading days= +0.07% – 15 trading days= +0.46% – 30 trading days= +4.49%
Resistance levels: R1= 21471 – R2= 21521 – R3= 21632
Pivot Point: 21410
Support levels: S1= 21360 – S2= 21299 – S3= 21188
Buying opportunity above 21503 targets minor resistance at 21593 and perhaps as far as strong resistance at 21666, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 21872.
Selling opportunity below 21334 targets minor support at 21251 and perhaps as far as strong support at 21178, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 20968.