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James Hyerczyk
E-mini Dow Jones Industrial Average

March E-mini Dow Jones industrial Average futures are trading flat shortly before the cash market opening. Helping to underpin the index is optimism over Brexit. Putting a lid on the Dow are uncertainty over US-China trade relations, worries about a global economic slowdown after China released weak data on industrial output and an earnings miss by General Electric.

At 12:35 GMT, March E-mini Dow Jones Industrial Average is trading 25730, down 5 or -0.02%.

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Daily March E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has been trending higher since last Friday’s closing price reversal bottom. A trade through 25213 will signal a resumption of the downtrend.

The minor trend is up. It turned up on Wednesday. This confirmed the shift in momentum to the upside. A trade through 25461 will change the minor trend to down.

The main range is 24862 to 26238. Its retracement zone at 25550 to 25388 is new support.

The minor range is 26238 to 25213. Its retracement zone at 25726 to 25847 is new resistance. This zone is currently being tested. Trader reaction to this zone will set the tone for the day.


Daily Technical Forecast

Based on the early price action, the direction of the March E-mini S&P 500 index on Thursday is likely to be determined by trader reaction to the short-term 50% level at 25726.

Bullish Scenario

A sustained move over 25726 will indicate the presence of buyers. The first target is a downtrending Gann angle at 25822. Sellers could come in on the first test of this angle. Overcoming this angle should lead to a test of the Fibonacci level at 25847.

Look for a technical bounce on the first test of 25847. Overtaking it, however, could trigger an acceleration to the upside with the next target angle coming in at 26030.

Bearish Scenario

A sustained move under 25726 will signal the presence of sellers. This could lead to a test of an uptrending Gann angle at 25598. If this fails then look for the selling to extend into the 50% level at 25550.

The 50% level is the trigger point for an acceleration to the downside with the next targets 25461 and 25388.

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