E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Upside Target Major Fib Level at 25144

June E-mini Dow Jones Industrial Average futures are surging at the mid-session on Wednesday as traders await the policy statement by the Federal Reserve at the end of its two-day meeting at 18:00 GMT. Policymakers are expected to keep their promise to do whatever it takes to support the world’s economy.

At 16:34 GMT, June E-mini Dow Jones Industrial Average futures are trading 24548, up 503 or +2.09%.

Dow component and growth stock Apple, Inc. surged over 2%. Boeing, Co. reported a loss for the second straight quarter, but its shares rose 3.7% after the planemaker said it would cut jobs and try to boost liquidity.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out yesterday’s high. A trade through 22814 will change the main trend to down.

The main range is 29506 to 18086. The market is currently trading inside its retracement zone at 23796 to 25144. This zone is controlling the longer-term direction of the market.

The intermediate range is 26962 to 18086. Its retracement zone at 23571 to 22524 is support.

Daily Swing Chart Technical Forecast

The uptrend is strong at the mid-session. If this is able to create enough upside momentum then look for the rally to possibly extend into the main Fibonacci level at 25144.

On the downside, crossing back under the last main top at 24327 will be the first sign of weakness. Turning lower for the session will indicate the selling is greater than the buying at current price levels. This could trigger a further decline into a support cluster at 23796 to 23571.

Side Notes

A close under 24045 will form a potentially bearish closing price reversal top. This would change the trend to down, but if confirmed, it could trigger the start of a 2 to 3 day correction.