E-mini Dow Jones Industrial Average (YM) Futures Analysis – May 9, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are still trading higher early Wednesday after giving back most of its early session gains.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. A trade through 24458 will change the main trend to up.

A move through 24135 will change the minor trend to down and signal a shift in momentum to the downside.

The intermediate range is 24827 to 23467. Its retracement zone at 24307 to 24147 is the nearest support zone.

The main range is 23306 to 24827. Its retracement zone at 24067 to 23887 is additional support.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the Dow the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 24307.

Holding above 24307 will indicate the presence of buyers. If this creates enough upside momentum, buyers may make another run at the main top at 24458. Taking out this price could trigger an acceleration to the upside. The daily chart indicates there is room to rally to 24827 over the near-term.

A sustained move through 24307 will signal the presence of sellers. This could lead to an acceleration into 24147, followed closely by 24135 then 24067.