E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 15, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are trading higher shortly after the opening, but gains are limited to be capped today by lingering trade tensions. Traders are closely monitoring a Wall Street Journal report that said the White House is considering implementing tariffs on at least $30 billion of Chinese imports as part of a package of anti-China measures.

Daily Technical Analysis

The main trend is down according to the daily swing chart. The market is also being pressured by Monday’s closing price reversal top which indicates the selling may be greater than the buying at current price levels.

A trade through 25535 will negate the reversal top and change the main trend to up. A move through 24233 will signal a resumption of the downtrend.

The main range is 26723 to 23211. Its retracement zone at 24923 to 25347 is controlling the longer-term direction of the market. Trading below this zone is giving the market a downside bias today.

The short-term range is 24233 to 25535. Its retracement zone at 24884 to 24730 stopped the selling on Wednesday and earlier today.

The intermediate range is 23122 to 25822. Its retracement zone at 24329 to 24044 stopped the price slide at 24233 on March 2.

Daily Technical Forecast

Based on the early trade, the direction of the Dow today is likely to be determined by trader reaction to a 50% level at 24923 and a Fibonacci level at 24730.

A sustained move over 24923 will indicate the presence of buyers. This could trigger a rally into a steep downtrending Gann angle at 25151. This is another trigger point for an extension into a resistance cluster at 25343 to 25347.

A sustained move under 24730 will signal the presence of sellers. Taking out this price could trigger a steep break into an uptrending Gann angle at 24521. If this angle fails then look for the selling to extend into 24377 then 24329.