E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Straddling Key Pivot at 27731

September E-mini Dow Jones Industrial Average futures are trading higher at the mid-session on Friday. The market is being led higher by a jump in shares of Apple. Further support is being generated by better than expected economic data.

Apple shares jumped 4% to an all-time high, building on this week’s strong gain. Components Chevron and Exxon Mobil dropped more than 1% each, however, as oil prices dropped by more than 3%. Deere was also up 5.8% on better-than-expected quarterly results.

At 16:18 GMT, September E-mini Dow Jones Industrial Average futures are trading 27772, up 103 or +0.37%.

Data from IHS Markit showed U.S. manufacturing activity hit its highest level in 19 months in August, while services were at their highest level in 17 months. Existing home sales for July saw a record month-over-month spike of 24.7%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 28069 will signal a resumption of the uptrend. The main trend will change to down on a move through 25881.

The minor trend is also up. A trade through 27392 will change the minor trend to down. This will shift momentum to the downside.

The minor range is 28069 to 27392. Its 50% level at 27731 is controlling the direction of the Dow on Friday.

The short-term range is 25881 to 28069. If the minor trend changes to down then look for a break into is retracement zone at 26975 to 26717.

 Daily Outlook

Based on the early price action and the current price at 27772, the direction of the September E-mini Dow Jones Industrial Average into the close on Friday will be determined by trader reaction to the pivot at 27731.