E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 20, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are expected to open steady-to-lower based on the pre-market trade. Investors are expressing concerns about rising interest rates and valuations. Stronger-than-expected earnings could help offset this assessment, however.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, after three days of sideways to lower trading, momentum may be getting ready to shift to the downside.

A trade through 24827 will signal a resumption of the uptrend. This could trigger a rally into a minor top at 24998 then the main top at 25535.

The market is not in a position to change the main trend to down, but breaking through retracement levels could fuel an acceleration to the downside.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the 50% level at 24477.

A sustained move over 24477 will indicate the presence of buyers. Overtaking the 50% level at 24569 will indicate the buying is getting stronger. This could lead to a test of a Fib level at 24684.

The rally begins to pick up over 24684 with the next targets the minor top at 24827 and a pair of retracement levels at 24867 and 24923.

The trigger point for an acceleration to the upside is 24923.

A sustained move under 24477 will signal the presence of sellers. This is the trigger point for an acceleration into a major Fibonacci level at 24157.

As you can see from the daily chart, because of the number of retracement levels, we could see a choppy, two-sided trade today.