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E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Setup for Late Breakout Over 28371 Pivot

December E-mini Dow Jones Industrial Average futures are trading slightly better late in the session on Thursday after clawing back earlier losses. The price action is being fueled by renewed optimism that Washington policymakers will be able to reach a fresh stimulus deal by Friday’s deadline. Perhaps weighing on the blue chip average is economic data which showed a slowing labor market recovery.

At 18:10 GMT, December E-mini Dow Jones Industrial Average futures are at 28245, up 111 or +0.39%.

In economic news, the number of Americans filing for state unemployment benefits last week dropped more than expected to 787,000, but remained stubbornly high as support from fiscal stimulus faded.

In other news, Dow component, Coca-Cola Co gained 1.7% as it beat quarterly results expectations.

Daily December E-mini Dow Jones Industrial Average
Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 28846 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest main bottom at 26407.

ANNUNCIO PUBBLICITARIO

The minor trend is down. This is controlling the momentum. A trade through 28732 will change the minor trend to up. A series of minor bottoms come in at 27531, 27109 and 27039.

The intermediate range is 29050 to 26407. Its retracement zone 28040 to 27729 is support. It’s also controlling the near-term direction of the Dow. It also stopped the selling at 27896 earlier today.

The minor range is 28846 to 27896. Its 50% level at 28371 is the next upside target. Aggressive counter-trend sellers could come in on a test of this level in an effort to form a potentially bearish secondary lower top.

The short-term range is 26407 to 28846. Its retracement zone at 27627 to 27339 is another potential support area.

Short-Term Outlook

The upside momentum created by the intraday breakout over 28040 could trigger a rally into the minor pivot at 28371.

Sellers could come in on a test of 28371. They will be trying to form a secondary lower top, which could eventually lead to a change in trend. Overcoming this pivot, however, could trigger an acceleration to the upside with potential targets a minor top at 28732, and a main top at 28846.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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