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James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are trading lower late Tuesday after posting a record closing high the previous session. Surging cases of COVID-19, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.

At 21:25 GMT, December E-mini Dow Jones Industrial Average futures are trading 29731, down 134 or -0.45%.

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Retail earnings is in focus this week as the third-quarter earnings season enters its tail end. Dow component Walmart Inc posted a bigger-than-expected increase in quarterly same-store sales. However, its shares fell 0.8% after rallying 28% this year.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 30000 will signal a resumption of the uptrend. The main trend will change to down on a move through 25953.

The minor trend is also up. A trade through 28815 will change the minor trend to down. This will shift momentum to the downside. Taking out minor bottoms at 28781 and 28328 will reaffirm the downtrend.

The minor range is 28328 to 30000. Its 50% level at 29164 is support. It’s controlling the short-term direction of the market.

The short-term range is 25953 to 30000. Its retracement zone at 27977 to 27499 is also support.

The major support area is 27189 to 26525.


Short-Term Outlook

Look for the bullish tone to continue as long as 29164 holds as support. However, stronger upside momentum and better buying volume will be necessary to drive the Dow through 30000.

A sustained move under 29164 will indicate the presence of sellers. This could trigger a break into the pair of minor bottoms at 28815 and 28781. If they fail to hold then momentum will shift to the downside and the selling pressure could increase with the next targets 28328 and 27977.

For a look at all of today’s economic events, check out our economic calendar.
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