E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trend Changes to Up on Move Thru 34411

September E-mini Dow Jones Industrial Average futures are trading near their high of the session late Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.

The Dow is currently in a position to snap its four-month winning streak. The blue chip average moved lower as investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.

At 18:46 GMT, September E-mini Dow Jones Industrial Average futures are trading 34367, up 197 or +0.58%.

On the data front, the private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.

In stock related news, Boeing Company gained 2.2% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum has been trending higher since June 21. A trade through 34411 will change the main trend to up. A move through 32902 will signal a resumption of the downtrend.

The minor trend is also down. A trade through the new minor bottom at 34006 will shift momentum to the downside.

The short-term range is 34721 to 32902. The Dow is currently trading on the strong side of its retracement zone at 34026 to 33812, making it support.

The main range is 31842 to 34883. Its retracement zone at 33363 to 33004 is controlling the longer-term direction of the Dow.

Daily Swing Chart Technical Forecast

The direction of the September E-mini Dow Jones Industrial Average into the close on Wednesday is likely to be determined by trader reaction to 34411.

Bullish Scenario

A sustained move over 34411 will indicate the presence of buyers. This is a potential trigger point for an acceleration to the upside with the next targets 34711, 34721 and 34883.

Bearish Scenario

A sustained move under 34411 will signal the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into 34026 to 34006.