E-mini Dow Jones Industrial Average (YM) Futures Analysis – Picks Up Strength Over 25600 Gann Angle

March E-mini Dow Jones Industrial Average futures are trading nearly flat at the mid-session. Volume is light as investors continue to digest yesterday’s hawkish comments from Fed Chair Jerome Powell.

Daily Technical Analysis

The main trend is up according to the daily swing chart. However, yesterday’s closing price reversal top has slowed down the upside momentum.

A trade through 25813 will negate the closing price reversal top and signal a resumption of the uptrend. This could create the upside momentum needed to challenge the January 29 main top at 26684.

A move through 24576 will change the main trend to down.

The main range is 26684 to 23088. Its retracement zone at 24886 to 25310 is controlling the near-term direction of the index.

The short-term range is 23088 to 25813. If the trend changes to down then its retracement zone at 24451 to 24129 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the Dow into the close is likely to be determined by trader reaction to the Fibonacci level at 25310.

A sustained move over 25310 will indicate the presence of buyers. This could trigger a rally into a steep uptrending Gann angle at 25600. Overtaking this angle will indicate the buying is getting stronger with 25813 the next target.

Taking out 25813 could trigger a breakout into a long-term downtrending Gann angle at 26012. This is another trigger point for an acceleration into 26348. This is the last potential resistance angle before the 26684 main top.

A sustained move under 25310 will signal the presence of sellers. This could drive the Dow into a pair of uptrending Gann angles at 25088 and 25008.