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James Hyerczyk
E-mini Dow Jones Industrial Average

March E-mini Dow Jones Industrial Average futures are trading higher shortly after the mid-session on Monday after reversing earlier losses. The early weakness was fueled by a drop in shares of Microsoft, while the turnaround was triggered by a jump in shares of Disney.

At 18:21 GMT, March E-mini Dow Jones Industrial Average futures are trading 31537, up 104 or +0.33%.

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Technology companies and Dow components Apple and Microsoft came under pressure on Monday as climbing Treasury yields and prospects of rising inflation triggered valuation fears.

Value stocks have outperformed growth shares in February, with investors betting on a rebound in industrial activity and a pick up in consumer demand as countries roll out vaccines to tame the pandemic.

Daily March E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 31662 will signal a resumption of the uptrend. The main trend will change to down on a move through 29552. This is highly unlikely but there is room for a normal 50% correction.

The minor trend is down. This is controlling the momentum. A trade through 31632 will change the minor trend to up and signal a shift in momentum to up. A trade though the next minor bottom at 31119 will indicate the selling pressure is getting stronger.

The minor range is 31662 to 31190. The Dow is currently testing its pivot at 21426.

The short-term range is 29552 to 31662. Its 50% level at 30607 is the next potential downside target, followed by retracement zone support at 30490 to 30213.


Daily Swing Chart Technical Forecast

The direction of the March Dow Jones Industrial Average into the close on Monday is likely to be determined by trader reaction to the pivot at 31426.

Bullish Scenario

A sustained move over 31426 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to challenge the minor top at 31632. This is followed by the main top at 31662.

Bearish Scenario

A sustained move under 31426 will signal the presence of sellers. The first targets are 31190 and 31119. Taking out 31119 could trigger an acceleration to the downside with a pair of 50% levels at 30607 and 30490 the next likely downside targets.

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