E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 22, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market opening. The move is being fueled by technical buying following the test of a major retracement zone on Thursday.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum is trending lower. The main trend will change to down on a trade through 24263.

The minor trend is down. This is controlling the momentum.

The main range is 23500 to 25418. Its retracement zone at 24459 to 24233 stopped the selling on Thursday. The upper or 50% level at 24459 provided support earlier today.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average will be determined by trader reaction to the 50% level at 24459 and the uptrending Gann angle at 24620.

Taking out 24620 will indicate the buying is getting stronger. This could create the upside momentum needed to challenge the downtrending Gann angle at 24842.

The inability to overcome the uptrending Gann angle at 24620 will signal the presence of sellers. This could trigger a retest of the 50% level at 24459.

A failure to hold 24459 will indicate the selling is getting stronger with 24403 the next target. Taking out this price could trigger a spike into the main bottom at 24263, followed by the Fibonacci level at 24233. The latter is a potential trigger point for an acceleration into the next uptrending Gann angle at 24060.

Basically, look for the upside bias to strengthen on a sustained move over 24620 and for a downside bias to develop on a sustained move under 24459.