E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 28, 2017 Forecast

September E-mini Dow Jones Industrial Average futures are expected to open better on Wednesday. The market is recovering from early session weakness which failed to draw enough attention from sellers to take out a key retracement zone. The market is now retracing its recent swing downswing.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 21494 will signal a resumption of the uptrend. A move through 21065 will change the main trend to down.

The minor trend turned down on Tuesday when sellers took out 21282, but the subsequent selling stopped today at 21253. The minor trend will turn back up on a move through 21454.

The main range is 21065 to 21494. Its retracement zone at 21280 to 21229 stopped the sell-off earlier today.

The new short-term range is 21494 to 21253. Its retracement zone at 21374 to 21402 is the primary upside target. It provided resistance earlier today when the index hit 21382.

The bouncing between retracement zones suggests we could see a range bound market the rest of the session especially since the U.S. will be on holiday mode until after July 4.

Forecast

Based on the current price at 21350, the key support is an uptrending angle at 21305. We should have an upside bias today as long as this angle holds.

The first upside target is the short-term 50% level at 21374. This is followed by a downtrending angle at 21398 then the short-term Fibonacci level at 21402.

Taking out 21402 could trigger an acceleration into the next downtrending angle at 21446. This is the last potential resistance angle before the minor top at 21454 and the main top at 21494.

If the Dow becomes range bound then we could bounce between 21374 and 21305 all session.