E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Weaker to Close Out the Quarter

September E-mini Dow Jones Industrial Average futures are trading lower late in the session on Thursday as investors closed out an extremely weak first-half of the year. Unfortunately, the downtrend could continue in July as investors are still dealing with the war in Ukraine, high inflation, rising interest rates and the threat of a recession.

At 19:09 GMT, September E-mini Dow Jones Industrial Average futures are trading 30717, down 282 or -0.91%. The SPDR Dow Jones Industrial Average ETF (DIA) is at $307.91, down $2.14 or -0.69%.

In stock related news, Walgreens Boots Alliance said its quarterly sales declined and profits got hit by waning COVID-19 vaccination demand, heavy investments in its health-care business and an opioid settlement with Florida. The stock was down about 7.27% late in the session.

In economic news, the core personal consumption expenditures (PCE) price index rose 4.7% in May, the Commerce Department reported. This was lower than the month before. Personal Income met expectations, but personal spending came in below expectations.

Short-Term Forecast

Trader reaction to the short-term 50% level at 30753 is likely to determine the direction of the September E-mini Dow into the close on Thursday.

Bearish Scenario

A sustained move under 30753 will indicate the presence of sellers. The next downside target is the short-term Fibonacci level at 30490. This is a potential trigger point for an acceleration to the downside with 29639 the next likely target.

Taking out 29639 will reaffirm the downtrend with the February 1, 2021 main bottom at 29027 the next major target.

Bullish Scenario

A sustained move over 30753 will signal the presence of buyers. If this creates enough upside momentum then look for the rally to possibly extend into a minor pivot at 31137.

Overtaking 31137 will indicate the buying is getting stronger with the short-term 50% level at 31447 the next target.