E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Mixed Asian Trade Weighing on Dow Futures

June E-mini Dow Jones Industrial Average futures are trading lower early Monday. The price action appears to be a reflection of the mixed trade in Asia. Volume is light with markets in Australia and Hong Kong closed for the Easter Monday holiday. The trade in Japan is also light. Prices could be underpinned throughout the session by a surge in oil prices which could boost energy sector stocks.

At 04:17 GMT, June E-mini Dow Jones Industrial Average futures are trading 26531, down 35 or -0.13%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26599 earlier in the session reaffirmed the uptrend. The main trend will change to down on a move through 26060. The main trend is safe for now, but we could see a closing price reversal top.

The minor trend is up. A trade through 26311 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 26060 to 26629. Its retracement zone at 26345 to 26277 is support.

The main range is 25377 to 26629. If the main trend changes to down then its retracement zone at 26003 to 25855 will become the next downside target.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to last week’s close at 26566.

Bullish Scenario

A sustained move over 26566 will indicate the presence of buyers. Taking out the intraday high at 26629 will indicate the buying is getting stronger. This could trigger an acceleration to the upside since the next major target is the October 3, 2018 main top at 26988.

Bearish Scenario

A sustained move under 26566 will signal the presence of sellers. This will also put the Dow in a position to post a potentially bearish closing price reversal top. If confirmed then this could lead to a 2 to 3 correction. The next target is 26345. This is followed by 26311 and 26277.

We could see an acceleration to the downside if 26277 fails as support. The next targets are the main bottom at 26060 and the main 50% level at 26003.