Yahoo Finance E-mini Dow Jones Industrial Average (YM) Futures Analysis – Upside Momentum is Building
March E-mini Dow Jones Industrial Average futures are trading lower at the mid-session, but recovering most of its earlier losses. If the intraday upside momentum continues, we could see a new record high into the close.
At 1750 GMT, the Dow is trading 25358, down 16 or -0.06%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. A trade through 25415 will signal a resumption of the uptrend.
Today’s lower-low made 25415 a new minor bottom.
The main range is 24086 to 25415. If weakness develops then its retracement zone at 24751 to 24594 will become the primary downside target.
Daily Technical Forecast
The direction of the Dow into the close will be determined by momentum. For example, taking out today’s high at 25384 will indicate momentum is to the upside. If volume increases on the move then look for a possible breakout over 25415.
Overtaking 25415 could lead to a test of a steep uptrending Gann angle at 25494. A sustained move over this angle will put the Dow in an extremely bullish position.
A move under today’s low at 25222 will indicate a shift in momentum to the downside.
The daily chart indicates there is plenty of room to the downside with the nearest targets coming in at 24790 and 24751. The only way we’re going to get there today is with extremely high selling volume.
This article was originally posted on FX Empire
