James Hyerczyk
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E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are trading higher shortly after the mid-session on Thursday, but struggling to hold on to its earlier gains. The volatile trading session suggests investors are still on the fence about what today’s higher-than-expected consumer inflation report means to the Federal Reserve’s next monetary policy decision on June 16.

At 17:51 GMT, June E-mini Dow Jones Industrial Average futures are trading 34556, up 119 or +0.35%.

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Consumer prices for May increased at their fastest clip in nearly 13 years as inflation pressures continued to accelerate in the U.S. economy, the Labor Department reported Thursday.

Treasury yields initially moved higher after the report but drifted lower as morning trading continued. The dip in yields still wasn’t enough for the Dow to hold on to most of its earlier gains.

Investors have been concerned about whether rising inflation could see the Federal Reserve taper its asset purchases or start to talk about raising interest rates. However, the Fed has emphasized that price pressures are transitory, as the economy reopens and recovers from the coronavirus pandemic.

Daily June E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 34827 will signal a resumption of the uptrend. A move through 34310 will change the main trend to down.

The minor trend is also up. A trade through 34389 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 34825 to 34389. The market straddled its 50% level at 34607 earlier in the session.

The second minor range is 34170 to 34827. Its retracement zone at 34499 was also straddled earlier in the day.

The short-term range is 34402 to 34827. If the main trend changes to down then its 50% level at 34115 will become the next target.


Daily Swing Chart Technical Analysis

The direction of the June E-mini Dow Jones Industrial Average into the close will be determined by trader reaction to the pair of pivots at 34607 and 34499.

Bullish Scenario

A sustained move over 34607 will indicate the presence of buyers.  This could trigger a test of the intraday high at 34733. Taking out this level could fuel a surge into the pair of main tops at 34825 and 34827.

Bearish Scenario

A sustained move under 34607 will indicate the presence of sellers. Taking out 34499 will indicate the selling pressure is getting stronger. This could trigger a test of the intraday low at 34389. Taking this out will lead to a test of the main bottom at 34310.

The main trend changes to down on a move through 34310. This could trigger an acceleration into the minor bottom 34170, followed closely by the pivot at 34115.

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