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James Hyerczyk
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E-mini Dow Jones Industrial Average

June E-mini Dow Jones Industrial Average futures are in a position to close higher late Wednesday after the cash market Dow hit a record high earlier in the session on the back of strong performances by components technology giants Microsoft Corp and Apple Inc. Helping to dampen the rally were shares of Boeing Co, which fell 1.6%.

At 20:52 GMT, June E-mini Dow Jones Industrial Average futures are trading 34116, up 96 or +0.28%.

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In other news, the ADP National Employment Report showed U.S. private payrolls increased in April as companies rushed to boost production amid a surge in demand, powered by massive government aid and rising vaccinations against COVID-19.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 34219 will signal a resumption of the uptrend. The main trend will change to down on a move through the nearest swing bottom at 33572.

The first minor range is 33572 to 34219. Its 50% level or pivot at 33896 is the first support.

The second minor range is 33157 to 34219. Its pivot at 33688 is another potential support level.

The short-term range is 31951 to 34219. If the main trend changes to down then its 50% level at 33085 will become the primary downside target.

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Short-Term Outlook

The early trade on Thursday is likely to be determined by trader reaction to 34113.

Bullish Scenario

A sustained move over 34113 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to possibly extend into 34219. This price is a potential trigger point for an acceleration to the upside.

Bearish Scenario

A sustained move under 34113 will signal the presence of sellers. If this move generates enough downside momentum then look for the selling to possibly extend into the first pivot at 33896.

Side Notes

Taking out 34219 on Thursday then closing lower will form a potentially bearish closing price reversal top.

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