Sharp Late Session Break Could Send E-mini Dow into 33461

March E-mini Dow Jones Industrial Average futures are trading lower late Friday, but nearly unchanged after clawing back most of its earlier loss. Nonetheless, the blue chip average appears to be headed for a second consecutive losing week as the Russia-Ukraine conflict loomed.

At 10:09 GMT, March E-mini Dow Jones Industrial Average futures are trading 34123, down 108 or -0.32%.

The market has struggled this week as investors continue to be on edge about the ongoing tensions between Russia and Ukraine. The Wall Street Journal reported midday Friday that U.S. officials expect a Russia attack in a few days.

President Joe Biden is expected to move more U.S. troops closer to Ukraine, NBC News reported. Additionally, the Ukrainian government and Russian state-controlled media on Friday exchanged fresh accusations of cease-fire violations at the border.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through the intraday low at 33914 will signal a resumption of the downtrend. A move through 35060 will change the main trend to up.

The short-term range is 33031 to 35752. The market is currently trading inside its retracement zone at 34389 to 34068.

The main range is 36832 to 33031. Its retracement zone at 34932 to 35380 is resistance.

Daily Swing Chart Technical Forecast

The direction of the March E-mini Dow into the close on Friday is likely to be determined by trader reaction to 34231.

Bearish Scenario

A sustained move under 34231 will indicate the presence of sellers. Taking out the Fibonacci level at 34068 will indicate the selling pressure is getting stronger.

If the intraday low is taken out then we could see an acceleration to the downside with 33461 the next major downside target.

Bullish Scenario

A sustained move over 34231 will signal the presence of buyers. This could trigger a short-covering rally into 34389. This price could trigger an acceleration to the upside with 34932 – 35380 the next major target area.