E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 21, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are expected to open slightly lower based on the premarket trade. The primary driver of the price action today is going to be the U.S. Federal Reserve announcements. These include their interest rate decision, monetary policy statement and economic projections.

A hawkish Fed could put pressure on the market, which is also concerned about possible trade wars and political tensions. A dovish Fed could trigger a rally, but gains could be limited due to outside influences.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. Momentum has also been trending lower since the formation of a closing price reversal top at 25535 on March 12. Today is the seventh day down from this top which puts the market in the window of time for a potential closing price reversal bottom.

A trade through 24461 will signal a resumption of the downtrend. This could trigger an eventual move into the next main bottom at 24233.

On the downside, the major support target is the retracement zone at 24477 to 24157. This zone has stopped the sellers before.

On the upside, the major resistance zone is 24923 to 25347. Inside this zone is a short-term retracement zone at 25033 to 25221. These levels are all potential resistance.

Daily Swing Chart Technical Forecast

Today’s session begins with the Dow inside Monday’s main range. This indicates investor indecision and impending volatility.

The first downside targets are 24477 and 24461. The market opens up to the downside under 24461 with the next targets coming in at 24233 and 24157.

On the upside, the first targets are layered at 24923 and 25033. They then jump to 25221 and 25347.