Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
James Hyerczyk
E-mini Dow Jones Industrial Average

December E-mini Dow Jones Industrial Average futures are inching lower late in the session on Wednesday underpinned by vaccine optimism and a surge in component Boeing after it won U.S. approval to resume flights of its 737 MAX jet.

The planemaker’s shares jumped about 6.5% in premarket trading as it geared up to resume deliveries of the jet after a 20-month grounding following two fatal crashes.

At 19:42 GMT, December E-mini Dow Jones Industrial Average futures are trading 29636, down 84 or +0.28%.

The news also lifted shares of airlines. American Airlines gained 1.9% and Southwest Airlines added 2.5% as the carriers laid out plans to fly the aircraft again.

Daily December 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 the two highs at 29998 and 30000 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest main bottom at 25953.

The minor trend is also up. Taking out a pair of minor bottoms at 28815 and 28781 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 28328 to 30000. Its 50% level at 29164 is support. Trader reaction to this level will determine the direction of the Dow the rest of the week.

The short-term range is 25953 to 30000. If the minor trend changes to down then look for the selling to possibly extend into its retracement zone at 27977 to 27499.


Short-Term Outlook

The Dow is trading in the middle of the support at 29164 and the resistance at 29998 – 30000.  Although the trend is up, momentum is struggling.

If momentum shifts to the downside then look for a break into at least 29164. If this fails then look for a move into 28815 and 28781.

If momentum continues to lean to the upside then with enough buyers, we could see a retest of 29998 to 30000.

Side Notes

Two consecutive inside moves suggests investor indecision and impending volatility. It also indicates that investors are waiting for a catalyst before deciding on the next major move.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.