E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – May 30, 2019 Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the downtrending Gann angle at 25094.
James Hyerczyk
E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading slightly better shortly before the cash market opening. Higher Treasury yields overnight helped ease fears over an economic slowdown or a recession. The first-quarter preliminary GDP report came in as expected at 3.1%. This also provided some support for stocks. Nonetheless, tension over U.S.-China trade relations could be limiting gains.

At 13:23 GMT, June E-mini Dow Jones Industrial Average futures are trading 25167, up 58 or +0.24%.

Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 24937 will signal a resumption of the selling. A move through the February 8 main bottom at 24900 will reaffirm the downtrend.

The market isn’t close to turning the main trend up, but there is room for a 50% to 61.8% retracement. Furthermore, due to the prolonged move down in terms of price and time, the market is ripe for a potentially bullish closing price reversal bottom.

The minor range is 25955 to 24937. Its retracement zone at 25446 to 25566 is the first upside target area. Since the main trend is down, sellers could show up on a test of this zone.

Daily Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the downtrending Gann angle at 25094.

Bearish Scenario

A sustained move under 25094 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to extend into the long-term uptrending Gann angle at 24943. This is followed closely by yesterday’s low at 24937 and the February 8 main bottom at 24900.

The daily chart is wide open under 24900 with the next major downside target the long-term 50% level at 24122.

Bullish Scenario

A sustained move over 25094 will signal the presence of buyers. If this creates enough upside momentum then look for the buying to possibly extend into the short-term 50% level at 25446. This is followed by the short-term Fibonacci level at 25566.

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