E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis Lower to End Quarter

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September E-min Dow Jones Industrial Futures Industrial Average traded lower in late trading Thursday as investors ended an extremely weak first half of the year. Unfortunately, the downtrend could continue into July as investors still deal with the war in Ukraine, high inflation, rising interest rates and the threat of a recession.

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

Daily September E-mini Dow Jones Industrial Average

Short term forecast

Traders’ reaction to the short-term 50% level at 30753 is likely to determine the direction of the September E-mini Dow through Thursday’s close.

Downside scenario

A sustained move below 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 downward acceleration with 29639 the next likely target.

The suppression of 29639 will reaffirm the downtrend with the main low on Feb 1, 2021 at 29027 the next major target.

Bullish scenario

A sustained move above 30753 will signal the presence of buyers. If that creates enough bullish momentum, expect the rally to eventually extend into a minor pivot at 31137.

Breaking above 31137 will indicate that buying is strengthening with the short term 50% level at 31447 the next target.

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