E-mini Dow Jones Industrial Average (YM) Futures Analysis – June 15, 2018 Forecast

September E-mini Dow Jones Industrial Average futures are trading lower during the pre-market session. The market is being pressured by concerns over U.S.-China trade relations which may be severed by President Trump’s decision to move forward with tariffs against China.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 25418 will signal a resumption of the uptrend.

The minor trend is down. The minor trend turned down on the move through 25093 earlier today. This move also shifted momentum to the downside.

Resistance is the major Fibonacci level at 25337. The first support is the major 50% level at 24925.

The main range is 24263 to 25418. If the selling pressure is strong enough, we could see a break into its retracement zone at 24841 to 24704. Since the main trend is up, buyers could come in on the first test of the support levels at 24925, 24841 and 24704.

Daily Swing Chart Technical Forecast

Based on the early trade on Friday, the direction of the September E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the minor bottom at 25093.

A sustained move under 25093 will signal the presence of sellers. This could trigger an acceleration to the downside into the series of retracement levels at 24925, 24841 and 24704. Buyers may step in on a test of any of these levels so watch the price action and read the order flow at these levels.

A sustained move over 25093 will indicate the presence of buyers. If this move produces enough upside momentum then look for a possible rebound rally into 25337.

The buying should pick up over 25337 with 25418 the next target. Taking out this level could trigger a further rally into the March 12 top at 25555.