E-mini Dow Jones Industrial Average (YM) Futures Analysis – March 30, 2016 Forecast

June E-mini Dow Jones Industrial Average futures rebounded to close sharply high and just short of the last main top at 17554. If upside momentum continues today then look for the buyers to take out the swing top, triggering a resumption of the uptrend. The price action will make 17299 a new main bottom. A trade through this level will turn the main trend to down.

Based on the close at 17538, the first objective today is the swing top at 17554. This is followed by a pair of uptrending angles at 17619 and 17683.

Crossing to the bullish side of the angle at 17683 will put the Dow in an extremely bullish positon with the next target the November 14, 2015 main top at 17735.

I like the long side of the market on a sustained move over 17554 with the first objective 17619. If the upside momentum continues and buyers come in to support the market at 17619 then I’ll look for the rally to extend into 17683.

If the rally fails at 17554 then look for a pullback into angles at 17491 and 17395. A break back into these angles will suggest that Tuesday’s rally was short-covering rather than new buying.