FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading sharply lower, dragged down by a sell-off in shares of Boeing and worries that a spike in coronavirus cases globally would have a negative impact on travel-related companies.

Dow component Boeing Company fell 4% after it announced the unexpected retirement of its chief financial officer for the past decade, Greg Smith. Another component, Nike Inc, dropped 4.2% and was among the top drags on the blue-chip Dow after Citigroup lowered its rating on the company’s shares to “neutral” from ‘buy”.

Advertisement
Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

At 19:12 GMT, June E-mini Dow Jones Industrial Average futures are at 33649, down 309 or -0.91%.

On the positive side, International Business Machines Corp rose 4.2% after recording the biggest rise in quarterly sales in more than two years.

Daily June E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 34144 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest swing bottom at 31951.

The minor trend is down. This shifted momentum to the downside. The minor trend turned down earlier today when sellers took out the minor bottom at 33860. A trade through 34066 will change the minor trend to up.

The minor range is 33157 to 34144. The Dow is currently testing its 50% level or pivot at 33651.

The short-term range is 31951 to 34144. Its 50% level at 33048 is another potential downside target and support.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the June E-mini Dow Jones Industrial Average futures contract into the close is likely to be determined by trader reaction to 33651.

Bearish Scenario

A sustained move under 33651 will indicate the selling is getting stronger. This could trigger the start of a steep break with 33048 the next likely downside target.

Bullish Scenario

A sustained move over 33651 will signal the presence of buyers. This could trigger a quick surge into a minor pivot at 33858. Sellers could come in on the first test of this level. Overtaking it, will likely lead to a retest of the record high at 34144.

Side Notes

The daily chart indicates there is no real support under 33651 so be prepared for an acceleration to the downside. Furthermore, there is a price gap at 33157 to 33060. This is another potential downside target.

For a look at all of today’s economic events, check out our economic calendar.
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker