Dow futures - heading for further correction

Short

Micro E-mini Dow Jones Industrial Average Index Futures (CBOT_MINI_DL:MYM1!)

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CBOT_MINI_DL:MYM1! Micro E-mini Dow Jones Industrial Average Index Futures

MYM1! Dow Futures have broken below the distributive uptrend channel and confirms the double top formation. Long-term MACD is bearish while mid-term stochastic has shown an oversold crossover. 23-period ROC is below the zero line and Ichimoku has shown first sign of bearish signal. Support is at 37,600

Commento:

Rebounded at key support of 37,600. However, please be cautious on riding the rebound. Consider taking some profit first

Commento:

Likelihood of a strong upside targeting 39,874

Commento:

Broke beyond the 40K region. Potential expanding flat forming. Volume is low, so the ATH may falter.

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