E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 14, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are expected to open higher based on the pre-market trade. Investors seem to be shrugging off concerns over trade wars, instead, choosing to focus on the weaker than expected PPI and retail sales reports and their impact on future Fed interest rate hikes.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. Momentum is also trending lower with the formation of the closing price reversal top on Monday.

A trade through 25535 will negate the closing price reversal top and signal a shift in momentum to the upside. This could create the upside momentum needed to challenge 25832.

The nearest major downside target is the main bottom at 24233.

The main range is 26723 to 23122. The Dow is currently straddling its retracement zone at 24923 to 25347. This zone is controlling the longer-term direction of the market.

The short-term range is 25832 to 24233. Its retracement zone at 25033 to 25221 is also being tested. This zone is inside the main retracement zone.

Daily Swing Chart Technical Forecast

Based on the current price and the earlier price action, the direction of the Dow today will be determined by trader reaction to 24923 and 25347.

A sustained move under 24923 will indicate the presence of sellers. This could drive the market into an uptrending Gann angle at 24745. If this angle fails as support, we could see a further drop into the next uptrending Gann angle at 24489.

Overcoming and sustaining a move over 25347 will be a sign of strength. It will also put the Dow on the strong side of a steep uptrending Gann angle at 25257.

A sustained move over 25347 could create the upside momentum needed to challenge 25535. This is a possible trigger point for an acceleration to the upside with 25832 the next major target.