James Hyerczyk
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E-mini Dow Jones Industrial Average

September E-mini Dow Jones Industrial Average futures finished higher on Monday after reversing early weakness. Surging technology shares helped underpin the blue chip average, as promising trial results from potential COVID-19 vaccines helped investors look beyond spiraling new cases of the disease.

Technology-driven component Microsoft Corp provided the biggest boost to the Dow, while gains were likely limited by a weaker industrials sector.

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At 05:38 GMT, September E-mini Dow Jones Industrial Average futures are trading 26679, up 46 or +0.17%.

Later this week, Dow components Microsoft Corp and Intel Corp are among the high-profile companies expected to report quarterly results.

In other news, Noble Energy Inc jumped on news that Chevron Corp agreed to buy the oil and gas producer for $5 billion. Dow component Chevron ended the session lower.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 27063 will signal a resumption of the uptrend. The main trend will change to down on a trade through 25293.

The minor trend is also up. A trade through 26330 will change the minor trend to down. This will also shift momentum to the downside.

The minor range is 27063 to 26330. Its 50% level at 26697 is potential resistance.

The short-term range is 27466 to 24409. Trading on the strong side of its retracement zone at 26298 to 25938 is helping to generate an upside bias. This level are also potential support.

The main range is 22640 to 27466. Its retracement zone at 25053 to 24484 is a potential value zone and also a trigger point for an acceleration to the downside.


Daily Swing Chart Technical Forecast

Based on the early price action and the current price at 26679, the direction of the September E-mini Dow Jones industrial Average the rest of the session on Tuesday is likely to be determined by trader reaction to the minor pivot at 26697.

Bullish Scenario

A sustained move over 26697 will indicate the presence of buyers. If this move generates enough upside momentum then look for a test of the main top at 27063. Taking out this level could spike the market into the next main top at 27486.

Bearish Scenario

A sustained move under 26697 will signal the presence of counter-trend sellers. This could drive the Dow into a support cluster at 26330 to 26298.

If 26298 fails as support then look for the selling to possibly extend into 25938 to 25874.

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

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