E-mini Dow futures a selling opportunity on more price weakness.
See on the daily bar chart for the e-mini Dow stock index futures that prices Monday scored a fresh multi-month high and then promptly reversed course to close sharply lower and hit a fresh four-week low. That price action produced a technically bearish “key reversal” down on the daily bar chart, which is a clue that a near-term market top is in place. See, too, that recent price action has formed a bearish broadening pattern, or reverse triangle, which also suggests a market top is in place. A move below technical support at this week’s low of 13,770 would become a fresh selling opportunity. The downside price objective would be 13,250, or below. Technical resistance, for which to place a protective buy stop just above, is located at 14,000.
