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 cash market opening on Monday, boosted by shares tied to the economic reopening. Dow components Disney, Caterpillar and Travelers Companies were all up about 1%.

Another component, Verizon, rose 0.9% after the telecom giant said it will sell its media group to private equity firm Apollo Global Management for $5 billion. The sale allows Verizon to offload properties from the former internet empires of AOL and Yahoo.

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At 13:47 GMT, June E-mini Dow Jones Industrial Average futures are trading 34003, up 236 or +0.70%.

In economic news, U.S. Final Manufacturing PMI came in at 60.5, missing the 60.7 forecast and 60.6 previous reading.

Daily June 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 34144 will signal a resumption of the uptrend. A move through 31951 will change the main trend to down.

The minor trend is down. A trade through 34066 will change the minor trend to up.

The first minor range is 34144 to 33572. The Dow is currently trading on the bullish side of its pivot at 33858.

The second minor range is 33157 to 34144. Its 50% level at 33651 is support. It is also a potential trigger point for an acceleration to the downside.

The main range is 31951 to 34144. Its 50% level at 33048 is major support.


Daily Swing Chart Technical Forecast

The direction of the June E-mini Dow Jones Industrial Average on Monday is likely to be determined by trader reaction to 33858.

Bullish Scenario

A sustained move over 33858 will indicate the presence of buyers. The first upside target is the minor top at 34066, followed by the main top at 34144. The latter is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 33858 will signal the presence of sellers. This could trigger a break into the second pivot at 33651, followed by the minor bottom at 33572. The latter is a potential trigger point for an acceleration to the downside.

The daily chart indicates there isn’t much support under 33572 with 33048 the next potential downside target.

Side Notes

Since the market traded sideways for two weeks, buyers are treating today’s move over the pivot at 33858 like an upside breakout.

For a look at all of today’s economic events, check out our economic calendar.

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