E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 21, 2017 Forecast

June E-mini Dow Jones Industrial Average futures are trading better shortly ahead of the cash market opening. Traders are reacting to firmer crude oil prices and diminishing risks from the French presidential elections.

Technical Analysis

The main trend is up according to the daily swing chart. A trade through 21106 will signal a resumption of the uptrend.

The Dow is also being supported by a series of minor bottoms at 20824, 20745 and 20742.

The short-term range is 21106 to 20742. Its 50% level or pivot is 20924. This price is controlling the short-term direction of the Dow. It will also tell us how strong the buying and selling is.

Forecast

Based on the current price at 20884, the direction of the Dow today is likely to be determined by trader reaction to the downtrending angle at 20882.

A sustained move over 20882 will signal the presence of buyers. This could drive the market into the pivot at 20924. Overtaking this level could drive the Dow into 20981 and 20994.

Overtaking 20994 could trigger an acceleration into the 21106 main top.

A failure to overcome the angle at 20882 will signal the presence of sellers. The selling could be labored because of the series of bottoms at 20824, 20745 and 20742. A major long-term uptrending angle comes in at 20742. This is the trigger point for the start of a steep correction.