E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – April 2, 2019 Forecast

June E-mini Dow Jones Industrial Average futures are inching higher shortly before the cash market opening. Traders are also awaiting the latest data on U.S. Durable Goods. The report could set the tone of the day after yesterday’s ISM Manufacturing PMI data triggered a steep rise. Gains are being capped by a sharp decline in Walgreens Boots Alliance, which fell on weaker-than-expected earnings.

At 12:26 GMT, June E-mini Dow Jones Industrial Average futures are trading 2.6260, up 4 or 0.01%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up on Monday when buyers took out three main tops at 26145, 26200 and 26263. All three could become minor support levels.

The new main range is 25377 to 26288. If there is a correction then its retracement zone at 25832 to 25725 will become the primary downside target.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average futures contract on Tuesday is likely to be determined by trader reaction to a pair of uptrending Gann angles at 26334 and 26145.

Bullish Scenario

Holding 26145 will indicate the presence of buyers. If this creates enough upside momentum then look for the rally to extend into yesterday’s high at 26288, followed by an uptrending Gann angle at 26334.

Overtaking 26334 will indicate the buying is getting stronger. This would put the Dow on a path toward the next target, the October 3 main top at 26988.

Bearish Scenario

The inability to overcome the uptrending Gann angle at 25761 will signal the presence of sellers. The first downside target is the steep uptrending Gann angle at 26145.

If 26145 fails as support then prepare for an acceleration to the downside. The next major downside is the short-term 50% level at 25832.