E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 17, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are being driven higher early Tuesday by an easing of concerns over geopolitical events and robust earnings results.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing. It turned up last week when buyers took out 24596. This level is new support. Upside momentum is increasing now that we’ve cleared this level.

Traders continue to claw through a series of retracement levels with only two left before we’re likely to see an acceleration to the upside.

These resistance levels come in at 24867 and 24923. On the downside, support is 24684, 24569 and 24477.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the Dow futures contract the rest of the session is likely to be determined by trader reaction to 24684.

A sustained move over 24684 will indicate the presence of buyers. This could generate the upside momentum needed to challenge 24867 to 24923.

The longer-term 50% level at 24923 is the trigger point for an acceleration into the major Fibonacci level at 25347.

A sustained move under 24684 will signal the presence of sellers. This could trigger a labored move into 24569 and 24477.

The trigger point for an acceleration to the downside is 24477. If sellers take out this level with conviction, we could see a steep break into at least 24157 over the near-term.