E-mini Dow Jones Industrial Average (YM) Futures Analysis – April 6, 2018 Forecast

June E-mini Dow Jones Industrial Average futures are trading lower shortly before the cash market opening. The Dow is trying to claw back earlier losses fueled by an overnight, knee-jerk reaction to worries over the trade war. The market is also trading firmer after the non-farm payrolls missed the estimate.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up on Thursday when buyers took out the previous main top at 24435. A trade through 23306 will change the main trend to down.

The short-term range is 23306 to 24596. Its retracement zone at 23951 to 23799 is new support.

On the upside, resistance levels are lined up at 24596 and 24682. Followed by 24923 and 24998. The latter is the trigger point for an acceleration to the upside with 25347 the next major target.

Daily Swing Chart Technical Forecast

Based on the early trade, the direction of the Dow the rest of the session is likely to be determined by trader reaction to 24157.

A sustained move over 24157 will indicate the return of buyers. This could fuel a retest of 24477 and today’s intraday high at 24506.

Overcoming 24506 could fuel a spike into 24923 then 24998. Look for an acceleration to the upside over 24998 with 25347 the next target.

A sustained move under 24157 will signal the presence of sellers. The selling pressure could drive the Dow into the short-term retracement zone at 23951 to 23799. This zone has to hold as support or we could see a retest of this week’s low at 23306.