E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 24, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are trading higher shortly after the cash market opening. The Dow is being supported by a stronger move in Caterpillar stock, which beat earnings. So far investors have shown little reaction to the news that the 10-year Treasury yield hit 3.00 percent.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The trade is labored because of a series of retracement levels. A trade through 24827 will signal a resumption of the uptrend.

The minor trend is also up. A move through 24290 will change the minor trend to down and shift momentum to the downside.

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 the major 50% level at 24477.

A sustained move over 24477 will indicate the presence of buyers. This could lead to a labored rally with upside targets coming in at 24569, 24684, 24827, 24867 and 24923. The latter is the trigger point for an acceleration to the upside.

A sustained move under 24477 will signal the presence of sellers. This is the trigger point for a move into 24290.

If 24290 fails then look for the start of an acceleration to the downside with targets spread at 24157 and a short-term retracement zone at 24067 to 23887.

The series of retracement levels suggests we could see a two-side move today. Any rally is likely to be a grind because of the number resistance points that buyers have to overtake.