E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 18, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are under pressure on Monday. So far the price action suggests a normal correction is taking place although the size of the move has made investors a little agitated. Keep in mind, however, that the Dow recently completed a nine session rally.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 25418 will signal a resumption of the uptrend. A move through 24263 will change the main trend to down.

The minor trend is down. It turned down on Friday when sellers took out 25093. This changed momentum to the downside.

The market is now trading on the weak side of a major retracement zone at 24925 to 25337. This levels are new resistance.

The main range is 24263 to 25418. Its retracement zone at 24841 to 24704 is the primary downside target.

Daily Technical Forecast

Based on the early price action, the key level to watch is the main 50% level at 24841.

A sustained move over 24841 will indicate the return of buyers. This could trigger a retest of the major 50% level at 24925. This price is a potential trigger point for an acceleration to the upside with the next target a downtrending Gann angle at 25098.

We could see a technical bounce on the first test of 25098, but if taken out, look for a further extension of the rally into another downtrending Gann angle at 25258.

A sustained move under 24841 will indicate the presence of sellers. This move could trigger a spike into the support cluster at 24711 to 24704. Look for a technical bounce on the first test of this area.

The Fib level at 24704 is a potential trigger point for an acceleration to the downside with the next major target coming in at 24487.

Watch the price action and read the order flow at 24841 all session. Acceleration points are 24925 and 24704.