E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 13, 2018 ForecastBased on the current price at 25350, the direction of the September E-mini Dow Jones Industrial Average futures contract will be determined by trader reaction to the Fibonacci level at 25337.
September E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening and the release of the Fed interest rate decision and monetary policy statement at 1800 GMT. Investors have priced in a 25 basis point rate hike, but are more likely to react to the pace of future rate hikes.
At 1232 GMT, September E-mini Dow Jones Industrial Average futures are trading 25341, up 26 or +0.10%.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 25418 will signal a resumption of the uptrend.
The Dow is up 11 days from the last main bottom so it is vulnerable to a potentially bearish closing price reversal top. This will form on a close under 25315, but only after a rally through 25418 fails.
The minor trend is also up. A trade through 25093 will change the minor trend to down. This will also shift momentum to the downside.
The main range is 26672 to 23178. Its retracement zone is 24925 to 25337. Holding above this zone will help maintain the upside bias.
The short-term range is 24263 to 25418. Its retracement zone at 24841 to 24704 is another downside target.
Daily Swing Chart Technical Forecast
Based on the current price at 25350, the direction of the September E-mini Dow Jones Industrial Average futures contract will be determined by trader reaction to the Fibonacci level at 25337.
A sustained move over 25337 will indicate the presence of buyers. The buying will get stronger on a breakout over 25418, followed by the March 12 top at 25555.
The main top at 25555 is also the trigger point for an acceleration to the upside with the February 27 main top at 25868 the next likely upside target.
A sustained move under 25337 will signal the presence of sellers. This could trigger a spike into the minor bottom at 25093. This is a possible trigger point for an acceleration to the downside with 24925 the next major downside target.