E-mini Dow Bears Eyeing 32699 – 32665

March E-mini Dow Jones Industrial Average futures are down for a fifth straight session Wednesday, sliding deeper into correction territory, as Russia-Ukraine tensions escalate.

At 19:47 GMT, the blue chip average is trading 33167, down 358 or -1.07%.

Investors have been juggling brewing tensions between Russia and Ukraine. The Ukraine Ministry of Digital Transformation said Wednesday there was another mass DDoS [denial of service] attack on Wednesday that prevented certain entities from accessing government websites, NBC reported.

Ukraine also warned its citizens against traveling to Russia and to leave the neighboring country, if they are there. Meanwhile, the UK warned it was ready to impose more sanctions on Russia.

In stock-related news, Cisco Systems Inc, Visa Inc and Caterpillar Inc are leading the cash market Dow lower, losing 2.87%, 2.18% and 2.01%, respectively.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 33031 will reaffirm the downtrend. A move through 35060 will change the main trend to up.

The E-mini Dow is currently trading inside a major long-term retracement zone at 33461 to 32665, making the upper or 50% level at 33461 new resistance. Additional resistance is the short-term retracement zone at 34068 to 34389.

Short-Term Outlook

The direction of the March E-mini Dow into the close on Wednesday is likely to be determined by trader reaction to 33525.

Bearish Scenario

A sustained move under 33525 will indicate the presence of sellers. Crossing to the weak side of a long-term 50% level at 33461 will indicate the selling pressure is getting stronger.

A move through the main bottom at 33031 will reaffirm the downtrend. This could trigger a further break into the June 21, 2021 main bottom at 32699, followed by the long-term Fibonacci level at 32665. The latter is a potential trigger point for an acceleration to the downside.

Bullish Scenario

A sustained move over 33525 will signal the presence of buyers. If this move can generate enough upside momentum then look for a surge into 34068 – 34389.