E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – January 30, 2019 Forecast

March E-mini Dow Jones Industrial Average futures are trading sharply higher shortly after the cash market open. The catalyst behind the rally is strong earnings from Boeing and Apple. Boeing shares jumped 6.2 percent after its quarterly earnings easily beat expectations. Apple climbed 4.7 percent after reporting a quarterly profit that barely beat estimates.

At 14:54 GMT, March E-mini Dow Jones Industrial Average futures are trading 24784, up 231 or +0.94%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24860 will signal a resumption of the uptrend. The next major main top comes in at 26110.

The minor trend is also up. A trade through 24284 will change the minor trend to down. This will also shift momentum to the downside with the next minor bottom coming in at 24216.

The main retracement zone is 24234 to 24890. This zone is controlling the near-term direction of the market.

Daily Technical Forecast

Based on the early price action and the current price at 24784, the direction of the March E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the uptrending Gann angle at 24739.

Bullish Scenario

A sustained move over 24739 will indicate the presence of buyers. The first target is the resistance cluster at 24890 to 24894. We could see a technical bounce on the first test of this area. Taking out 24894, however, could trigger an acceleration to the upside. The daily chart indicates the next potential target is a downtrending Gann angle at 25502.

Bearish Scenario

A sustained move under 24739 will signal the presence of sellers. If this move creates enough downside momentum then look for a possible break into the next uptrending Gann angle at 24396. Since the trend is up, look for buyers to show up on a test of this angle. If it fails then look for the selling to extend into the main 50% level at 24234.