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James Hyerczyk
Dow Jones Industrial Average

March E-mini Dow Jones Industrial Average futures are trading nearly flat shortly after the mid-session in a mostly lackluster trade. Investors seem to be sitting on the sidelines as they assess the impact of rising Treasury yields, a speech by Federal Reserve Chairman Jerome Powell and the start of earnings season at the end of the week.

At 18:55 GMT, March E-mini Dow Jones Industrial Average futures are trading 30939, up 37 or +0.12%.

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In stock related news, rate sensitive banks climbed 2.2% as benchmark U.S. Treasury yields reached their highest levels since March. The focus will now shift to fourth-quarter earnings starting Friday, with results from JPMorgan, Citigroup and other big banks launching the reporting season.

Daily March 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 31148 will signal a resumption of the uptrend. The main trend will change to down on a move through 29318.

The minor trend is also up. A trade through 29760 will change the minor trend to down. This will shift momentum to the downside. Taking out 31022 will turn 30638 into a new minor bottom.

The first minor range is 31148 to 30638. The Dow is currently straddling its pivot at 30893.

The second potential support level is the pivot at 30454, followed by another pivot at 30233.

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Daily Swing Chart Technical Forecast

The direction of the March E-mini Dow Jones Industrial Average into the close will likely be determined by trader reaction to 30893.

Bullish Scenario

A sustained move over 30893 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into the record high at 31148. This is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 30893 will signal the presence of sellers. This could lead to a labored break with potential downside targets 30638, 30454 and 30233. The latter is a potential trigger point for an acceleration to the downside.

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

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