E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 1, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are called higher based on the pre-market trade. Investors are reacting to a better than expected U.S. Non-Farm Payrolls report.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 24227 mean the selling is getting stronger.

The minor trend is down. This is why momentum is trending lower. A trade through 24906 will change the minor trend to up and shift momentum to the upside.

Taking out 25080 will signal a resumption of the uptrend.

The short-term range is 25080 to 24227. Its retracement zone at 24654 to 24754 is the primary upside target.

On the downside, the primary target is 24274 to 24083. This zone stopped the selling earlier in the week at 24227.

Daily Technical Forecast

Based on the early trade, the direction of the Dow is likely to be determined by trader reaction to the downtrending Gann angle at 24568.

A sustained move over 24568 will signal the presence of buyers. This could trigger a rally into the 50% level at 24654, followed by the Fibonacci level at 24754 and a downtrending Gann angle at 24824.

The angle at 24824 is the trigger point for an acceleration into the next downtrending Gann angle at 24952. This is the last potential resistance angle before the 25080 main top.

Breaking below 24568 will indicate the presence of sellers. The daily chart is open to the downside with targets coming in at 24274 and 24227. Additional support is an uptrending Gann angle at 24824 and a Fibonacci level at 24083.