E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Needs to Hold 35229 to Sustain Mometum

September E-mini Dow Jones Industrial Average futures are trading higher late in the session on Wednesday after recovering from early weakness. The blue chip average was supported as investors look to the upcoming Jackson Hole Symposium for assurances that the Federal Reserve’s timeline for policy tightening remains intact.

At 20:33 GMT, September E-mini Dow Jones Industrial Average futures are at 35383, up 69 or +0.20%.

Tame economic data, including flat new orders for core capital goods, reinforced the notion that Fed Chairman Jerome Powell is unlikely to hint at a shortened timeline for policy tightening at the virtual Jackson Hole Symposium, due to get underway on Friday.

The Dow was mostly supported by the financials. American Express Co finished 3.09% higher. JPMorgan Chase & Co closed 2.06% higher, Travelers Companies Inc was up 1.21% and Goldman Sachs Group ended the session with a 1.12% gain.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 35547 will signal a resumption of the uptrend. A move through 34494 will change the main trend to down.

The minor trend is also up. A trade through 35229 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 35547 to 34494. Its 50% level at 35021 is the nearest support. Look for buyers on the first test of this level.

Daily Swing Chart Technical Forecast

The outside move, higher close suggests the key level to watch early Thursday will be 35337.

Bullish Scenario

A sustained move over 35337 will indicate the presence of buyers. Taking out 35445 will indicate the buying is getting stronger with 35547 the next potential upside target.

Bearish Scenario

A sustained move under 35337 will signal the presence of sellers. The first downside target is the minor bottom at 35229. Taking out this level will change the minor trend to down and shift momentum to the downside. This could trigger the start of a sharp break into the pivot at 35021.

Look for buyers on the first test of 35021. If it fails then look for the selling to possibly extend into 34970.