E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – March 6, 2019 Forecast

Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 25790 and the 50% level at 25757. Basically, look for a bullish tone to develop on a sustained move over 25790, and for a bearish tone to develop on a sustained move under 25757.
James Hyerczyk
E-mini Dow Jones Industrial Average

March E-mini Dow Jones Industrial Average futures are trading flat-to-lower shortly after the cash market opening. The lack of clarity over U.S.-China trade relations is providing some resistance. Some investors are reducing exposure in the market just in case President Trump decides to step away from the negotiating table. Others are saying a trade deal has been priced into the market. Position-squaring ahead of Friday’s U.S. Non-Farm Payrolls report is also keeping investors on the sidelines.

At 14:45 GMT, March E-mini Dow Jones Industrial Average futures are trading 25810, down 17 or -0.07%.

Daily March E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. It turned down on Monday on a trade through 25872. A move through 25605 will indicate the selling pressure is getting stronger. The main trend will change to up on a move through 26171.

The short-term range is 25275 to 26238. Traders are trying to establish support at its retracement zone at 25757 to 25643.

The main range is 24862 to 26238. Its retracement zone at 25550 to 25388 is the primary downside target. Look for buyers to come in on a test of this area.

Combining the two retracement zones creates a potential support area at 25643 to 25550. This week’s low at 25605 fell inside this area.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 25790 and the 50% level at 25757.

Bullish Scenario

A sustained move over 25790 will indicate the presence of buyers. The daily chart indicates there is plenty of room to the upside with the next two targets an uptrending Gann angle at 25950, followed by a downtrending Gann angle at 26014.

Bearish Scenario

A sustained move under 25757 will signal the presence of sellers. This move could trigger a break into the Fibonacci level at 25643, followed by this week’s low at 25605 and another 50% level at 25550.

The 50% level at 25550 is also the trigger point for an acceleration to the downside with potential targets coming in at 25406 and 25388.

Basically, look for a bullish tone to develop on a sustained move over 25790, and for a bearish tone to develop on a sustained move under 25757.

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