E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 21, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading only slightly better during the pre-market session. Of the three major indexes, the Dow is the weakest.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. The Dow is down eight days from its last main top which puts it in the window of time for a potentially bullish closing price reversal bottom.

The minor trend is down. This is why momentum is trending lower. A trade through 24569 will indicate the selling is getting stronger.

The main range is 24263 to 25418. Traders are currently straddling its retracement zone at 24841 to 24704.

On the upside, the major resistance is a long-term 50% to 61.8% retracement zone at 24925 to 25337.

The short-term range is 25418 to 24569. Its retracement zone at 24994 to 25094 is another potential upside target.

Daily Swing Chart Technical Forecast

Based on the current price at 24678, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the Fibonacci level at 24704.

A sustained move under 24704 will signal the presence of sellers. This could trigger a break into this week’s low at 24569. This is a potential trigger point for an acceleration to the downside with 24263 the next major downside target.

A sustained move over 24704 will indicate the presence of buyers. This could lead to a labored rally with several potential resistance levels lined up at 24841, 24925, 24994 and 25094.