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

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 March E-mini Dow Jones Industrial Average

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US