E-mini Dow Jones Industrial Average (YM) Futures Analysis – July 6, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are trading lower. The market has been under pressure since the pre-market opening. The market was under pressure early in the session on concerns over North Korea. Additional sellers came in after the release of the weaker-than-expected ADP private sector jobs report.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 21508 will signal a resumption of the uptrend. A trade through 21138 will turn the main trend to down.

The main range is 21065 to 21508. Its retracement zone is 21287 to 21279.

The short-term range is 21138 to 21508. Its retracement zone is 21323 to 21279.

The two retracement zones combine to form a support cluster at 21287 to 21279. Since the main trend is up, we’re likely to see a technical bounce on the first test of this zone.

Forecast

A sustained move over 21323 will signal the return of buyers. This could lead to an intraday short-covering rally.

A sustained move under 21323 will indicate the market is still in the hands of strong sellers. Watch for a technical bounce on the first test of 21287 to 21279.

If 21279 is taken out, look for another spike to the downside with the next target coming in at 21234. The daily chart opens up to the downside under this price with 21138 the next major target.

Keep an eye on 21287 to 21279.