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James Hyerczyk
E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures are trading lower shortly before the mid-session after posting a two-sided trade earlier in the session. The blue chip average was led lower by weakness in heavily weighted component Microsoft. The latest Weekly Initial Jobless Claims data also dented market sentiment.

At 16:00 GMT, September E-mini Dow Jones Industrial Average futures are trading 26810, down 74 or -0.28%.

Microsoft fell nearly 2% despite reporting better-than-expected earnings for the previous quarter. Though the company’s results were largely positive, Microsoft said its transactional license purchasing continued to slow and that subsidiary LinkedIn was negatively impacted by the weak job market.

Another Dow Component, Apple Inc, traded 1.3% lower.

On the data front, weekly jobless claims came in at 1.416 million for the week, marking the 18th straight week in which initial claims totaled more than 1 million.

Daily September E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27063 will signal a resumption of the uptrend. The main trend will change to down on a move through 26330.

The minor trend is also up. A trade through 26526 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 27063 to 26330. Its 50% level at 26697 is controlling the direction of the Dow today.

The short-term range is 27466 to 24409. Its retracement zone at 26298 to 25938 is potential support.

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Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 26810, the direction of the September E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to the minor pivot at 26697.

Bullish Scenario

A sustained move over 26697 will indicate the presence of buyers. If this generates enough upside momentum then look for the rally to possibly extend into the main top at 27063. Taking out this level could trigger a surge into the June 9 top at 27466.

Bearish Scenario

A sustained move under 26697 will signal the presence of sellers. The first target is the minor bottom at 26426. This is followed by the Fibonacci level at 26298 and the main bottom at 26330.

The selling pressure could start to increase under 26298. This could extend the selling into 25938.

For a look at all of today’s economic events, check out our economic calendar.
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