E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 5, 2018 Forecast

June E-mini Dow Jones Industrial Average futures ae expected to open flat to higher based on the pre-market trade. The lack of fresh news is contributing to the soft upside momentum as well as the mixed to positive performance in the overseas market.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 25080 will signal a resumption of the uptrend. Momentum is still down.

The minor trend is down. A move through 24906 will change the minor trend to up. This will also shift momentum to the upside.

On the downside, a series of retracement levels are providing support at 24754, 24654 and 24567.

The first upside target is a 50% level at 24926. Another major target is the Fibonacci level at 25351.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the short-term Fib level at 24754.

A sustained move over 24754 will indicate the presence of buyers. If this generates enough upside momentum, we could see a test of the major 50% level at 24926.

Overcoming 24926 will indicate the buying is getting stronger with the next target the main top at 25080. Taking out this level will reaffirm the uptrend. This could trigger an eventual move into the major Fib level at 25351.

A sustained move under 24754 will signal the presence of sellers. This could push the market into 24654 then 24567. The daily chart starts to open up to the downside under 24567 with 24274 the next major target.