E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 8, 2018 Forecast

Profit-taking ahead of the start of the G-7 conference is pressuring June E-mini Dow Jones Industrial Average futures shortly before the cash market opening. There’s essentially a risk-off tone in the markets.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 25327 will signal a resumption of the uptrend. This could drive the market into the March 12 main top at 25535. This is also the trigger point for an acceleration into the February 27 top at 25832.

The minor trend is up and momentum is trending higher. The new minor top is 25327.

On the upside is Fibonacci resistance at 25351.

The first support is the main 50% level at 24926.

The short-term range is 24227 to 25327. Its retracement zone at 24777 to 24647 is the primary downside target.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the June E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the Fibonacci level at 25351.

Overtaking and sustaining a move over 25351 will signal the return of buyers. If this generates enough upside momentum then look for a fast rally into 25535. This is the trigger point for a potential rally into 25832 over the near-term.

A sustained move under 25351 will indicate the presence of sellers. This could lead to a test of a series of retracement levels at 24926, 24777 and 24647. Since the main trend is up, buyers could step in on a test of anyone of these levels.