E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 13, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are called higher based on the pre-market trade. The Dow is being supported by upbeat bank earnings reports which topped Wall Street expectations. An easing of tensions over additional military action in Syria and lessening concerns over an extended trade war with China are also helping to underpin the market.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 24596 reaffirmed the uptrend.

Today is the ninth day up since the last main bottom at 23306 on April 2. This puts the Dow in the window of time for a closing price reversal top. This chart pattern would suggest the selling is greater than the buying at current price levels.

A series of retracement zones is also controlling the price action.

On the upside, resistance comes in at 24684, 24923 and 25347.

On the downside, support comes in at 24477, 24157, 23957 and 23803.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the Dow today is likely to be determined by trader reaction to the 50% level at 24477.

A sustained move over 24477 will signal the presence of buyers. This could generate the upside momentum needed to drive the market into 24684.

The Fib level at 24684 is a potential trigger point for an acceleration to the upside with 24923 the next likely target. This price is a potential trigger point for an every stronger surge to the upside with 25347 the next major target.

A sustained move under 24477 will indicate the return of sellers. The daily chart is open to the downside under this level with 24157 the next likely target.

A failure to hold at 24157 will indicate the selling is getting stronger with potential targets 23957 and 23803.