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James Hyerczyk
E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading nearly flat late Friday as traders prepared for the long U.S. holiday weekend. Volume was well below average. Despite an earlier sell-off, the market is still in a position to finish the week with strong gains.

Helping to drive the earlier volatility were concerns over U.S.-China tensions amid ongoing uncertainty about the pace of economic recovery from the coronavirus. Contributing to the week’s 2% gains were optimism about an eventual coronavirus vaccine and the easing of virus-related curbs.

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At 20:12 GMT, June E-mini Dow Jones Industrial Average futures are trading 24418, up 42 or +0.17%.

Some of the price action this week was driven by mixed earnings from retailers Walmart, Inc., Best Buy Co. Inc. and Home Depot, Inc. The results showed online shopping gaining traction with the lockdown orders, a trend that could damage brick-and-mortar players already feeling pressure from internet rivals.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on May 19.

A trade through 24765 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will change to down on a trade through 22704.

The minor trend is also up. A trade through 24076 will change the minor trend to down. This will confirm the shift in momentum to down.

The main range is 29506 to 18086. Its retracement zone at 23796 to 25144 is controlling the longer-term direction of the market.

The intermediate range is 26962 to 18086. Its retracement zone at 23571 to 22524 is potential support.

Combining the two zone creates a major support cluster at 23796 to 23571.

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