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James Hyerczyk

June E-mini Dow Jones Industrial Average futures finished higher on Monday after following through to the upside after last week’s record performance. Last week the blue chip average posted its biggest weekly percentage gain since 1938. Helping to boost the Dow was a record $2.2 trillion aid package and massive policy easing from the Federal Reserve. Investors seemed to shrug off President Trump’s extension of stay-at-home guidelines and a rising curve of new cases of the coronavirus.

On Monday, June E-mini Dow Jones Industrial Average futures settled at 22167, up 730 or +3.29%.

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Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum is trending higher. The main trend will change to up on a trade through 26962. A move through 18086 will signal a resumption of the downtrend.

The minor trend is up. This is controlling the upside momentum. A trade through the minor top at 22545 will also indicate the buying is getting strong.

The short-term range is 26962 to 18086. Its retracement zone at 22524 to 23571 is the nearest resistance area. This zone stopped the rally on Friday at 22545.

The minor range is 18086 to 22545. Its retracement zone at 20316 to 19789 is the next potential downside target.


Short-Term Outlook

The key area to focus on this week is 22524 to 23571. Since the main trend is down, sellers are likely to come in on a test of this zone. They are going to try to form a potentially bearish secondary lower top. This could lead to an eventual test of 20316 to 19789.

Taking out 23571 will indicate the buying is getting stronger. This won’t change the trend to up, but it could trigger enough upside momentum to eventually challenge the main top at 26962.

If the selling is strong enough to stop a rally at 22524 to 23571 then look for an eventual pullback into 20316 to 19789. Aggressive counter-trend buyers could come in on a test of this zone. They are going to try to form a secondary higher bottom.

If 19789 fails as support then look for an acceleration to the downside. This could lead to a retest of the main bottom at 18086.

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