E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 25, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are under pressure early Monday amid a mixed trade in Asia on reports that U.S. President Trump is planning major new restrictions against China.

At 1219 GMT, the futures contract is trading 24426, down 173 or -0.71%.

Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A move through 24403 will indicate the selling pressure is getting stronger. A trade through 24263 will change the main trend to down.

Since the Dow is down 10 days from its last main top, today’s session begins with the market in the window of time for a closing price reversal bottom.

The main range is 23500 to 25418. Its retracement zone at 24459 to 24233 is the primary downside target. The main bottom also falls inside this zone.

The Dow has been straddling the upper or 50% level of the zone at 24459 for three trading sessions. The next major move could be determined by trader reaction to this level.

If a short-term range forms between 25418 and 24403 then its retracement zone at 24911 to 25030 will become the primary upside target.

Daily Technical Forecast

Based on the early trade, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the 50% level at 24459.

A sustained move over 24459 will indicate the presence of buyers. If this generates enough upside momentum then look for a rally into the uptrending Gann angle at 24652. Overcoming this angle could drive the Dow into the downtrending Gann angle at 24778.

We could see a technical bounce on the first test of 24778. It has provided resistance several times over the last 10 sessions. Overcoming the angle could trigger an acceleration into the short-term 50% level at 24911.

A sustained move under 24459 will signal the presence of sellers. The first target is last week’s low at 24403.

A move through 24403 will indicate the selling is getting stronger with the next targets 24263 and 24233. Buyers could step in on the initial test of both levels. However, if 24233 fails then look for the selling to extend into the next uptrending Gann angle at 24076.

Additional uptrending Gann angles come in at 23788 and 23644. The latter is the last potential support angle before the 23500 main bottom.