E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – June 3, 2019 Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to Friday’s close at 24820. Counter-trend buyers are battling it out with sellers at 24820. The winner controls the direction today.  
James Hyerczyk
E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading lower shortly after the release of the ISM Manufacturing PMI report. The report came in weaker-than-expected at 52.1. Traders were looking for a reading of 53.0. In April, the number came in at 52.8. This was the lowest level since October 2016.

Sellers hit the Dow after the release of the report, but the move was somewhat muted as Treasury yields failed to make a new low on the news.

At 14:08 GMT, June E-mini Dow Jones Industrial Average futures are trading 24797, down 29 or -0.11%.

Daily June E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through today’s intraday low at 24610 will signal a resumption of the downtrend.

The market is in no position to change the main trend to up, but due to the prolonged move down in terms of price and time, the Dow is in a position to post a potentially bullish closing price reversal bottom.

On the downside, the next major target is a 50% level at 24122.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to Friday’s close at 24820.

Bullish Scenario

A sustained move over 24820 will indicate the presence of buyers. If this move creates enough upside momentum then look for a rally into the downtrending Gann angle at 24966. This is followed by an uptrending Gann angle at 25005. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 24820 will signal the presence of sellers. The first target is today’s intraday low at 24610. Taking out this level could trigger an acceleration to the downside since the next major target doesn’t come in until 24122.

Overview

Counter-trend buyers are battling it out with sellers at 24820. The winner controls the direction today.

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