E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 10, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are expected to open over 300 points higher after upbeat comments from Chinese President Xi Jinping helped ease concerns over a potential trade war between the U.S. and China.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, prices have been consolidating for three days, suggesting a slight loss in upside momentum.

A trade through 24596 will reaffirm the uptrend. This could fuel a move into the minor top at 24998. This price is the trigger point for an even stronger rally into 25535.

The minor trend is also up. A trade through 23700 will change the minor trend to down. A move through 23306 changes the main trend to down.

Looking at the current price, the nearest support is a Fibonacci level at 24157. This is followed closely by a short retracement zone at 23951 to 23799.

On the upside, the first target is a 50% level at 24477, followed by a Fibonacci level at 24673 and a major 50% level at 24923.

Daily Swing Chart Technical Forecast

Based on the current price, the direction of the Dow the rest of the session is likely to be determined by trader reaction to 24157.

A sustained move over 24157 will indicate the presence of buyers. This could create enough upside momentum to fuel a rally into 24477, 24596 and 24673. The rally will begin to accelerate to the upside on a sustained move over 24673 with the next target 24923.

A sustained move under 24157 will signal the presence of sellers. This could trigger a fast break into 23951 then 23799.

Crossing to the weak side of 23799 will indicate the selling is getting stronger. This could trigger a break into 23700. If this price fails then we’re likely to see an eventual test of the major bottoms at 23306 and 23122.