E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Set to Post Record High Close

March E-mini Dow Jones Industrial Average futures are trading at a new record high late Thursday. Momentum is strong, which could mean the market is going to close at or near its high for the session. Today’s rally is being driven by better-than-expected U.S. economic data and strong earnings. Some of the buying is being driven by the hope of better future earnings now that Phase One of the U.S.-China trade deal has been signed.

At 19:54 GMT, March E-mini Dow Jones Industrial Average futures are trading 29167, up 139 or +0.48%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed earlier today when buyers took out yesterday’s high. The main trend will change to down on a move through the last swing bottom at 28084.

A change in trend is highly unlikely, but a close under 29029 will form a potentially bearish closing price reversal top. If confirmed, this will shift momentum to the downside. It could also lead to a 2 to 3 day break.

The minor trend is also up. A trade through 28737 will change the minor trend to down. This will also shift momentum to the downside.

Short-Term Outlook

The nearest upside targets are a pair of uptrending Gann angles at 29217 and 29315. This angles can continue to guide the Dow higher, but crossing to the strong side of these angles will put the market in an extremely bullish position.

On the downside, the nearest support angle comes in at 28852. This is the last potential support angle before the minor bottom at 28737 and the short-term retracement zone at 28629 and 28500.