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E-mini Dow Jones Industrial Average (YM) Futures Analysis – Needs to Clear 24923 For Upside Acceleration

James Hyerczyk

June E-mini Dow Jones Industrial Average futures are trading higher at the mid-session, but lagging behind the S&P 500 Index and NASDAQ Composite Index. Weakness in IBM has been a drag on the Dow. A spike to the upside in crude oil is helping to support the energy sector.

Daily June E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The chart indicates the Dow has room to run to the upside with 25535 the next likely target, however, the rally is being hampered by a series of retracement levels.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the Dow into the close is likely to be determined by trader reaction to the Fibonacci level at 24684.

A sustained move over 24684 will indicate the presence of buyers. This could generate the upside momentum needed to drive the Dow into 24867 to 24923.

The trigger point for an acceleration to the upside is 24923. Crossing to the strong side of this level may attract enough buyers to eventually drive the Dow into 25347 then 25535.

A sustained move under 24684 will signal the presence of sellers. This could trigger a labored break with targets coming in at 24569 then 24477.

The 50% level at 24477 is the trigger point for an acceleration to the downside. The first two potential targets are 24157 and 24067.

This article was originally posted on FX Empire