E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Holding 33331 Sustains Upside Bias

June E-mini Dow Jones Industrial Average futures are edging higher early Friday, but a massive rotation into technology and growth stocks, is not allowing the blue chip average to keep up with the big boys – the benchmark S&P 500 Index and the tech driven NASDAQ Composite.

At 06:14 GMT, June E-mini Dow Jones Industrial Average futures are trading 33413, up 23 or -0.07%.

In other news, from an economic standpoint, Dow investors largely shrugged off an unexpected jump in jobless claims from last week. This means investors didn’t seem to care what it meant to the economic recovery, but they did react when the news drove Treasury yields lower. Yields retreated from their highs with the 10-year Treasury yield hovering around 1.6%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 33504 will signal a resumption of the uptrend. The main trend will change to down on a move through 31951.00.

The minor trend is also up and the Dow is holding above the 33157 to 33060 gap formed on Monday.

The Dow is up 10 sessions from its last main bottom. This puts it inside the window of time for a potentially bearish closing price reversal top. Taking out 33504 then closing lower will form a closing price reversal top. If confirmed, this could trigger the start of a closing price reversal top.

The current minor range is 31951 to 33504. Its retracement zone at 32728 to 32544 is the nearest support zone.

Daily Swing Chart Technical Forecast

The direction of the June E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to the minor pivot at 33331.

Bullish Scenario

A sustained move over 33331 will indicate the presence of buyers. This could lead to a test of 33504. Taking out this level will reaffirm the uptrend and could trigger an acceleration to the upside.

Bearish Scenario

A sustained move under 33331 will signal the presence of sellers. The next downside target is this week’s low at 33157. Taking out this level could trigger a further break into 33060. This will fill in the gap formed on the daily chart on Monday.