E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – March 8, 2019 Forecast

March E-mini Dow Jones Industrial Average futures are under pressure shortly after the cash market opening. The Dow was under pressure early in the session on follow-through selling related to yesterday’s dovish announcements from the European Central Bank and weaker-than-expected trade balance data from China. The selling pressure accelerated just a short while ago following the release of a mixed U.S. Non-Farm Payrolls report. Non-Farm jobs badly missed the estimate, but the unemployment rate fell to 3.8 percent and average hourly earnings beat expectations.

The main trend is down according to the daily swing chart. It was reaffirmed today when sellers took out the previous swing bottom at 25275. If the selling pressure continues then the next downside target becomes the main bottom at 24862.

The Dow is in no position to change the trend to up, but we could see a daily closing price reversal bottom if the selling pressure dries up.

The main range is 24862 to 26238. Its retracement zone at 25550 to 25388 is controlling the near-term direction of the market.

Based on the early price action, the direction of the March E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 25388.

A sustained move under 25388 will indicate the selling is getting stronger. This could trigger an acceleration to the downside with 24890 to 24862 the next likely downside targets.

Overtaking and sustaining a rally over 25388 will signal the return of buyers. This could put the market in a position to form a reversal bottom. The next upside target will be the 50% level at 25550. Taking out this level should trigger an acceleration to the upside.