James Hyerczyk
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E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading higher shortly after the mid-session after giving back more than half of its earlier gains. The market opened the cash session sharply higher on the back of strong earnings from Dow component UnitedHealth. Prices began to retreat shortly after the cash opening after the U.S. reported weaker than expected Industrial Production and Capacity Utilization Rate data.

At 16:13 GMT, June E-mini Dow Jones Industrial Average futures are trading 26421, up 48 or +0.18%.

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Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier in the session when buyers took out the previous main top at 26509. A trade through 26060 will change the main trend to down.

Due to the prolonged move up in terms of price and time, the market is also set-up for a potentially bearish closing price reversal top.


Daily Technical Forecast

Based on the earlier price action and the current price at 26421, the direction of the June E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the steep uptrending Gann angle at 26444 and the uptrending Gann angle at 26401.

Bullish Scenario

A sustained move over 26444 will indicate the presence of buyers. If this generates enough upside momentum then look for buyers to take a run at the intraday high at 26554. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 26401 will signal the presence of sellers. This could trigger a steep plunge late in the session into the next uptrending Gann angle at 26252. Look for a technical bounce on the first test of this angle. If it fails then look for another acceleration to the downside with the next target angles coming in at 26156 and 26110.

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