E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 12, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are expected to open higher based on the early trade. The move is being primarily driven by an easing of tensions by President Trump over Syria.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24596 will signal a resumption of the uptrend. This could trigger the start of a lengthy rally with the next major target coming in at 25535.

A trade through 23306 will change the main trend to down.

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

On the downside, the first support is the main Fibonacci level at 24157. The short-term range is 23306 to 24596. Its retracement zone at 23951 to 23799 is the primary downside target. Since the main trend is up, buyers are likely to come in on the first test of this zone.

On the upside, the first potential resistance level comes in at 24477. The resistance begins to spread out over this level with potential targets at 24596, 24684 and 24923.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to 24157.

A sustained move over 24157 will indicate the presence of buyers. This could generate the upside momentum needed to trigger rallies into 24477, 24596 and 24684. Look for the Dow to begin to accelerate to the upside on a move over 24684.

A sustained move under 24157 will signal the presence of sellers. This could lead to a quick drop into 23951 then 23799. If we don’t get the technical bounce on a test of this zone then look for an acceleration to the downside under 23799.