Market Overview
As of July 30, 2024, the E-mini Dow Jones Futures are trading at 40,788. We’ve seen a consistent uptrend over the past few months, marked by higher highs and higher lows. The price action is currently hovering around a significant resistance level which is the previous ATH, testing the 40,800 zone.
At the moment YM hasn’t surged like the other indices but there is still a consistent uptrend to take note of. We can keep this in mind when looking for trades because we don’t want to fight the trend. The trend is up at the moment so let us look for some trades we could take in the near term.
High Probability Trade Setups
Long Trade
Entry: Look for a break and close above the 41,000 resistance level on increased volume.
Stop Loss: Set a stop loss below the 40,359 support level to protect against false breakouts.
Target: Aim for the next resistance level at 41,600. If momentum is strong, consider trailing your stop loss to ride the trend higher as the new leg up begins.
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