E-mini Dow Jones Industrial Average

E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – April 17, 2019 Forecast

June E-mini Dow Jones Industrial Average futures are trading lower shortly after the cash market opening after giving up earlier gains. The market is also trading inside yesterday’s range, indicating investor indecision and impending volatility.

The early buying was supported by stronger-than-expected corporate earnings and better-than-forecast GDP data from China. However, the rally stalled as buying volume dried up as the market neared yesterday’s high. Traders are saying that light pre-holiday volume may be limiting gains.

At 13:48 GMT, June E-mini Dow Jones Industrial Average futures are trading 26398, down 49 or -0.20%.

E-mini Dow Jones Industrial Average
Daily June E-mini Dow Jones Industrial Average

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 26554 will signal a resumption of the uptrend. The main trend will change to down on a trade through 26060.

The short-term range is 26060 to 26554. Its 50% level at 26307 is a potential downside target and support level.

The market is also threatening to turn lower for the holiday-shortened week.

Daily Technical Forecast

Based on the early price action and the current price at 26398, the direction of the June E-mini Dow Jones Industrial Average futures contract is likely to be determined by trader reaction to the uptrending Gann angle at 26465.

Bullish Scenario

A sustained move over 26465 will indicate the presence of buyers. The first upside targets are yesterday’s high at 26554 and a steep uptrending Gann angle at 26572. Overtaking the Gann angle will put the Dow in a bullish position with the October 3, 2018 all-time high at 26988 the next major upside target.

Bearish Scenario

A sustained move under 26465 will signal the presence of sellers. This could trigger a break into the minor support cluster at 26316 to 26307.

The trigger point for an acceleration to the downside is 26307. Taking out this level could drive the Dow into a pair of uptrending Gann angles at 26188 and 26142. Look out to the downside if 26142 fails as support.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.