E-Mini Dow futures a selling opportunity on more price weakness.
See on the daily bar chart for the Dow e-mini futures that price action this week has produced a bearish “key reversal” down, which is a technical clue that a market top is in place. From a contrary opinion point of view, it’s also my bias that the U.S. stock indexes have put in, or are close to putting in, major tops. Everybody and their dog have gotten bullish the stock market. When that occurs, it’s a solid sign a market top is near. On a price move below 15,450, the Dow e-mini stock index futures would become a selling opportunity. The downside price objective would be 15,100, or below. Technical resistance, for which to place a protective buy stop just above, is located at 15,600.
