E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – February 20, 2019 Forecast

March E-mini Dow Jones Industrial Average is expected to open flat based on the pre-market activity. Uncertainty over U.S.-China trade relations is one reason for trader indecision. Investors may have also taken to the sidelines ahead of the release of the U.S. Federal Reserve Monetary Policy Minutes, due to be released at 19:00 GMT. Dovish minutes could greenlight another leg up in the market. The main focus for traders will be Fed commentary on reducing its balance sheet.

At 14:30 GMT, March E-mini Dow Jones Industrial Average futures are trading 25895, up 12 or +0.04%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 25957 will signal a resumption of the uptrend. A move through 25275 will change the main trend to down.

Daily Technical Forecast

March E-mini Dow Jones Industrial Average futures are trading neutral on the opening.

If bullish traders take early control then look for a test of 25957. Taking out this level will signal a resumption of the uptrend with the December 3 main top at 26110 the next major upside target. This is followed by the November 8 main top at 26300. This is the trigger point for an acceleration to the upside. The daily chart indicates there is plenty of room to the upside with 27015 the next major target.

Early selling pressure could drive the Dow into a steep uptrending Gann angle at 25787. This is followed closely by another uptrending Gann angle at 25758. Since the main trend is up, buyers could come in on a test of these angles.

If 25758 fails as support then look for an acceleration to the downside with the next uptrending Gann angle at 25531. If this angle fails then the selling could extend into another uptrending Gann angle at 25403. The last uptrending Gann angle before the 25275 main bottom comes in at 25310.