September E-mini Dow Jones Industrial Average futures are inching higher on Wednesday on extremely low volume ahead of what could be a long U.S. Fourth of July holiday weekend. The market is being underpinned by low Treasury yields and the hopes of a potential rate cut from the Federal Reserve in late July, which could be the first of many more to follow.

At 15:32 GMT, September E-mini Dow Jones Industrial Average futures are trading 26881, up 84 or +0.32%.

Thursday is a U.S. bank holiday and Friday is the U.S. Non-Farm Payrolls report. This means we may not see normal trading conditions until Monday or Tuesday.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 26896 will signal a resumption of the uptrend. A move through 26922 will reaffirm the uptrend. This could lead to a test of the October 3, 2018 main top at 27031.

The main trend will change to down on a trade through 26445. This is followed by the next main bottom at 25897.

The minor range is 26922 to 26445. Its 50% level or pivot at 26684 is providing support today.

The short-term range is 25897 to 26922. If the main trend changes to down then its retracement zone at 26410 to 26289 will become the primary downside target zone.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones industrial Average the rest of the session is likely to be determined by trader reaction to the minor pivot at 26684.

Bullish Scenario

A sustained move over 26684 will indicate the presence of buyers. If this move can generate enough upside momentum then look for the buying to possibly extend into 26896 and 26922, followed by 27031.

Bearish Scenario

A failure to hold 26684 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the main bottom at 26445, followed by the short-term retracement zone at 26410 to 26289.

Overview

The day before the Fourth of July holiday is often the slowest trading day of the year so be careful buying strength or selling weakness.