E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – June 21, 2019 Forecast

September E-mini Dow Jones Industrial Average futures are trading slightly lower on Friday shortly before the cash market opening. The market is also trading inside yesterday’s range, which suggests investor indecision and impending volatility.

The blue chip average is being underpinned by expectations of a rate cut by the Federal Reserve in late July. However, worries over an escalation of tensions between the United States and Iran are keeping a lid on prices.

At 11:53 GMT, September E-mini Dow Jones Industrial Average futures are trading 26728, down 46 or -0.17%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26812 will signal a resumption of the uptrend. The next target is the October 3, 2018 contract high at 27031. A trade through 25897 will change the main trend to down.

Daily Technical Forecast

Based on the early price action, the direction of the September E-mini Dow Jones Industrial Average on Friday is likely to be determined by trader reaction to the short-term uptrending Gann angle at 26665.

Bullish Scenario

A sustained move over 26665 will indicate the presence of buyers. If this move is able to generate enough upside momentum then look for a potential acceleration to the upside with 27031 the next major upside target.

Bearish Scenario

A sustained move under 26665 will signal the presence of sellers. This is a potential trigger point for an acceleration to the downside with the next target a steep uptrending Gann angle at 26418. This angle, moving up at a rate of 128 points per day from the 24626 bottom, has been guiding the index higher since June 3.

Overview

We’re not going to get particularly bearish if 26665 is taken out, but worried if 26418 fails as support. This is because 26665 to 26418 is an uptrending channel.