E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Rebounding from Test of 35686 – 35589

March E-mini Dow Jones Industrial Average futures are trading lower late in the session on Friday after giving up earlier gains. The blue chip average is being pressured by a drop in technology, retail and travel-related stocks. Financial sector stocks are helping to dampen the selling pressure.

At 20:06 GMT, March E-mini Dow Jones Industrial Average futures are trading 35740, down 76 or -0.21%.

The technology sector is being led lower by heavyweights Apple Inc and Microsoft, down 4.36% and 3.07% respectively. Home Depot, down 2.08% and Walmart, down 1.91% are pressuring the retail sector. Travel-related companies Boeing and Disney are also losing ground on Thursday.

On the plus-side, Goldman Sachs, JPMorgan Chase and Travelers Companies are up 1.11%, 1.36% and 1.88% respectively.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through the intraday high at 36098 will reaffirm the uptrend. A move through 35274 will change the main trend to down.

The minor trend is 35274 to 36098. The E-mini Dow is currently testing its retracement zone at 35686 to 35589.

The short-term range is 33860 to 36098. If the trend changes to down then look for the selling to extend into its retracement zone at 34979 to 34715.

The main range is 33300 to 36330. Its retracement zone at 34815 to 34457 is the primary downside target.

Daily Swing Chart Technical Forecast

The direction of the March E-mini Dow Jones Industrial Average into the close on Thursday is likely to be determined by trader reaction to 35686 and 35589.

Bullish Scenario

A sustained move over 35686 will indicate the presence of buyers. The first upside target is 35816, followed by a pivot at 35881.

Overtaking 35881 could trigger a further rally into the intraday high at 36098.

Bearish Scenario

A sustained move under 35686 late in the session will be a sign of weakness. Taking out 35589 will indicate the selling pressure is getting stronger with 35274 the next likely target.