E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 28, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading lower shortly after the cash market opening. Momentum is driving the price action today.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The chart pattern indicates there is plenty of room to the downside with the next major target coming in at 235.00.

The market is down 13 days from the last main top so the only pattern that can stop the price slide is a closing price reversal bottom.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the Dow the rest of the session will be determined by trader reaction to yesterday’s close at 24135.

A sustained move under 24135 will indicate the selling is getting stronger. The market could accelerate to the downside over the near-term with 235.00 the next major target.

A sustained move over 24135 will signal the return of buyers. This could drive the Dow back into the Fib level at 24233 and the previous main bottom at 24263.

Overcoming 24263 will indicate the short-covering is getting stronger with the next target the 50% level at 24459. This is a potential trigger point for an acceleration to the upside.

Watch the price action and read the order flow over 24135. A close over this level will produce a closing price reversal top. This could trigger the start of a 2 to 3 day rally.