E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 11, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are called lower based on the pre-market selling pressure. Risk is off today and volatility remains at elevated levels.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. Momentum is sideways, however. A trade through 24596 will signal a resumption of the uptrend.

The minor trend is also up. A move through 23700 will change the minor trend to down. This could lead to a test of the next main bottom at 23306. A move through this level will change the main trend to down.

The short-term range is 23306 to 24596. Its retracement zone at 23951 to 23799 is the key support.

The market is currently testing a retracement zone at 24477 to 24157.

Additional resistance is the Fibonacci level at 24673.

The major upside target is the retracement zone at 24923 to 25347.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the Fibonacci level at 24157.

A sustained move under 24157 will indicate the presence of sellers. This could lead to a test of the 50% level at 23951, followed by the 61.8% level at 23799.

The latter is the trigger point for the start of an acceleration to the downside.

A sustained move over 24157 will signal the presence of buyers. Overcoming this level with rising volume could trigger a surge into 24477 to 24673.