E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 3, 2015 Forecast

Look for the June E-mini Dow Jones Industrial Average futures contract to open higher today based on the pre-market session.

The main range is 17629 to 18334. Its retracement zone is 17982 to 17898. An uptrending angle passes through this zone at 17917, making it a valid target also. Yesterday, the Dow found support at 17898. This was slightly above the angle and the Fibonacci level at 17898.

On Tuesday, the Dow closed above the upper or 50% level at 17982. This gave the market a slight upside bias as the end of the day. During the pre-market session, the Dow crossed to the strong side of a downtrending angle at 18014. This is potentially bullish.

The daily chart opens up to the upside on a sustained move over 18014. The first target is a short-term pivot at 18120. This is today’s primary upside target. It is also a trigger point for a further rally into a downtrending angle at 18174. Additional angles over this price come in at 18254 and 18294.

Look for a bullish tone to develop today on a sustained move over 18014. This could trigger a fast move into 18120.

If 18014 fails then look for a test of 17982. The daily chart opens up to the downside under this level with 17917, 17905 and 17898 potential targets. A break under this zone will be a sign of weakness.

Read the order flow at 18014. This should tell us whether there are real buyers out there today.