Trade Through 34699 Changes E-mini Dow Minor Trend to Up

March E-mini Dow Jones Industrial Average futures are trading higher shortly before the cash market close on Friday as investors get set to wrap up a volatile trading week.

The blue chip average is being propped up by shares of Apple, which added about 5% after posting stellar quarterly results. The company reported its largest single quarter in terms of revenue ever even amid supply challenges and the lingering effects of the pandemic. Visa also added roughly 9% after a strong earnings report.

At 10:28 GMT, March E-mini Dow Jones Industrial Average futures are at 34306, up 263 or +0.77%.

On the downside, Chevron shares fell around 4% after missing Wall Street earnings expectations. Dow component Caterpillar dipped more than 6% even after it topped profit estimates.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, however, momentum has been trending higher since the confirmation of the closing price reversal bottom on January 24.

A trade through 33031 will negate the closing price reversal bottom and signal a resumption of the downtrend. A move through 36390 will change the main trend to down.

The minor trend is also down. A trade through 34699 will change the minor trend to up. This will confirm the shift in momentum.

The minor range is 33031 to 34699. Its retracement zone at 33865 to 33668 is providing support.

The longer-term support is 33461 to 32665. This zone stopped the selling at 33031 on January 24.

The first minor range is 36390 to 33031. Its retracement zone at 34711 to 35107 is the first upside target area.

The second minor range is 36832 to 33031. Its retracement zone at 34932 to 35380 is additional resistance.

The two zones combine to form a resistance cluster at 34932 to 35107.

Short-Term Outlook

An upside bias could develop over the short-term on a sustained move over 33865 to 33668.

Taking out 34699 will confirm the shift in momentum to the upside, but don’t expect to see a breakout move. Buyers are still going to have to take out a series of retracement level resistance at 34711, 34932, 35107 and 35380.

Since the main trend is down, sellers are likely to come in on a test of any of these levels. They will be trying to form a potentially bearish secondary lower top.

Taking out the last Fibonacci level at 35380 could trigger an acceleration to the upside.