E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – April 10, 2019 Forecast

June E-mini Dow Jones Industrial Average futures are trading slightly higher on Wednesday. The market is trading inside yesterday’s range which suggests investor indecision and impending volatility. Helping to keep a lid on prices are concerns over the U.S. economy. This comes on the heels of a report from the International Monetary Fund (IMF) that slashed its global economic growth forecast for 2019.  Underpinning prices is optimism that the U.S. and China will soon reach a deal to end their trade dispute.

At 09:08 GMT, June E-mini Dow Jones Industrial Average futures are trading 26196, up 38 or +0.15%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26509 will signal a resumption of the uptrend. The main trend will change to down on a trade through 25377.

The short-term range is 25377 to 26509. Its retracement zone at 25943 to 25809 is the primary downside target. Since the main trend is up, look for buyers on the first test of this zone.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average futures contract on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 26145.

Bullish Scenario

A sustained move over 26145 will indicate the presence of buyers. The first upside target is a downtrending Gann angle at 26317. Sellers could come in on the first test of this angle. Overtaking it could generate the upside momentum needed to challenge a pair of downtrending Gann angles at 26413 and 26461. The latter is the last potential resistance angle before the 26509 main top.

Bearish Scenario

A sustained move under 26145 will signal the presence of sellers. This could trigger a break into a longer-term uptrending Gann angle at 25982. If this fails then look for the selling to extend into the short-term retracement zone at 25943 to 25809.