E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – May 14, 2019 Forecast

June E-mini Dow Jones Industrial Average futures are trading higher on Tuesday, recovering some of its 600 plus loss from the previous session. The price action suggests investors have likely absorbed the new tariffs imposed by the U.S. on Friday, and yesterday’s retaliatory move by China. The market could now become rangebound as traders await further developments over a potential U.S.-China trade deal. President Trump said we’ll know in three or four weeks if there is a deal.

At 14:41 GMT, June E-mini Dow Jones Industrial Average futures are trading 25523, up 242 or +0.95%.

Daily Technical Analysis

The main trend is down according to the main trend indicator. The uptrend will resume on a trade through 26694. A trade through 25215 will reaffirm the downtrend with 24900 the next likely target.

Unlike the other major indexes, the Dow is not in a position to post a closing price reversal bottom.

The main range is 21550 to 26694. If 24900 is taken out then look for the selling to possibly extend into its retracement zone at 24122 to 23515.

Daily Technical Forecast

If today’s upside momentum continues then look for the rally to possibly extend into the steep downtrending Gann angle at 25798. This angle, dropping at a rate of 64 points per day from 26694, is very important to the structure of the market. It has been guiding the market lower for 14 trading sessions.

Look for technical bounce on the first test of 25798. Overtaking it, however, could trigger an acceleration to the upside with potential targets the minor top at 26016 and the downtrending Gann angle at 26246.

Failing to hold 25215 will indicate the return of sellers. This could trigger another steep break into the main bottom at 24900. Look for an acceleration into an uptrending Gann angle at 24590 if this bottom fails.