E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 28, 2016 Forecast

September E-mini Dow Jones Industrial Average futures are trading better shortly before the cash market opening. The main trend is down according to the daily swing chart, but the early price action suggests that momentum may be shifting to the upside.

The main range is 15450 to 18025. Its retracement zone at 16738 to 16434 remains the primary downside target.

If a short-term range forms between 18025 to 16961 then its retracement zone at 17493 to 17619 becomes the primary upside target.

The major support is a long-term uptrending angle at 16970. This angle stopped the break on Monday at 16961 and provided support early in today’s session.

Trader reaction to the angle at 16970 will determine the direction of the market today.

Look for an upside bias as long as we remain over 16970. If buyers continue to defend this angle then they may create enough upside momentum to eventually drive the Dow into the short-term 50% level at 17493.

If the angle at 16970 fails as support and sellers come in to take out 16961 then look for an acceleration to the downside with the first target the major 50% level at 16738.