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James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are inching higher early Thursday after recovering from a choppy session on Wednesday. The previous see-saw session was fueled by mixed quarterly results and contentious stimulus negotiations in Washington.

Dow component Pfizer gained 5.1% after the drugmaker and German biotech firm BioNTech SE announced the U.S. government would pay $1.95 billion for 100 million doses of their COVID-19 vaccine candidate.

Another Dow component, Microsoft Corp, fell more than 2% after the bell, following the company’s quarterly report.

At 05:34 GMT, September E-mini Dow Jones Industrial Average futures are trading 26885, up 1 or 0.00%.

Daily September E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27063 will signal a resumption of the uptrend. The main trend will change to down if sellers take out the swing bottom at 26330.

The minor trend is also up. A trade through 26526 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 27063 to 26330. Its 50% level at 26697 is potential support.

The short-term range is 27466 to 24409. Its retracement zone at 26298 to 25938 is another potential support area.

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Daily Swing Chart Technical Forecast

The early price action suggests the tone of the market on Thursday is likely to be determined by trader reaction to the minor 50% level at 26697.

Bullish Scenario

A sustained move over 26697 will indicate the presence of buyers. If this is able to generate enough upside momentum then we could see a test of the last main top at 27063. Sellers could come in on the first test of this level, but taking it out could trigger an acceleration to the upside with the June 9 main top at 27466 the next likely upside target.

Bearish Scenario

A sustained move under 26697 will signal the presence of sellers. This could trigger a break into the minor bottom at 26426. If this fails then look for the selling to possibly extend into the main bottom at 26330, followed by the short-term Fibonacci level at 26298.

The Fib level at 26298 is a potential trigger point for an acceleration to the downside with the next likely targets the short-term 50% level at 25938 and another minor bottom at 25874.

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