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December E-mini Dow Jones industrial Average are trading higher late Monday along with the rest of the major stock indexes on optimism that a coronavirus relief package would eventually get agreed upon. The price action also suggests that investors aren’t really worried about whether the aid comes before or after the election on November 3.

At 17:32 GMT, December E-mini Dow Jones Industrial Average is at 28803, up 285 or +1.02%.

Dow component Apple Inc jumped 5.3% ahead of a special event on Tuesday, which most analysts believe will be used to unveil the new iPhone with 5G capabilities.

Results from big U.S. banks will be in focus this week, with Dow component JPMorgan & Co set to report on Tuesday.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend continued on Monday when buyers took out Friday’s high. The market is in no position to change the main trend to down, but it may be vulnerable to a potentially bearish closing price reversal top. The chart pattern won’t change the main trend to down, but it could trigger a short-term correction.

The minor trend is also up. A trade through 27531 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 29050 to 26407. Its retracement zone at 28040 to 27729 is support. Trading above this zone is helping to generate the upside momentum.

Daily Swing Chart Technical Forecast

There is no resistance until 29050 so we expect the rally to continue into thilevel. The only fear for buyers should be a closing price reversal top that could lead to a slowdown in upside momentum.

On the downside, the first support is the Fibonacci level at 28040. A failure at this level will be the first sign of weakness. This could lead to a test of the 50% level at 27729. Buyers could come in on a test of this level, but if it fails then look for a dramatic shift in momentum.