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James Hyerczyk
E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading lower after the mid-session on Tuesday. The Dow traded inside yesterday’s range for most of the session. This suggests investor indecision and impending volatility. It could also be a sign that the rally is losing steam although a closing price reversal top would be a stronger signal.

At 19:12 GMT, June E-mini Dow Jones Industrial Average futures are trading 26043, down 42 or -0.17%.

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The market is still trending at a rate of 256 points per day from its recent bottom, but starting to show signs that it’s losing upside momentum.

Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is down according to the daily swing chart, however, momentum has been trending higher since the formation of the closing price reversal bottom at 24610 on June 3. A trade through 26694 will change the main trend to up. The minor trend is also up.

A trade through 26289 will signal a resumption of the uptrend. If this occurs then watch for a closing price reversal top if the rally starts to weaken later in the session.

The main range is 26694 to 24610. Its retracement zone at 25898 to 25652 is support. It is also controlling the near-term direction of the Dow.


Daily Technical Forecast

Based on the early price action, the direction of the June E-mini Dow Jones Industrial Average the rest of the session is likely to be determined by trader reaction to a pair of Gann angles at 26146 and 26166.

Bullish Scenario

Overtaking and sustaining a rally over 26166 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to make a run at the next downtrending Gann angle at 26430. Overtaking this angle could trigger a further rally into the next Gann angle at 26562. This is the last potential resistance angle before the 26694 contract high.

Bearish Scenario

A sustained move under 26146 will signal the presence of sellers. The daily chart is open under this angle so be prepared for a steep break. The first downside target is a Fibonacci level at 25898. This is another potential trigger point for a break into the 50% level at 25652.

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