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March E-mini Dow Jones Industrial Average futures are edging higher during the early trade on Wednesday, following a lower cash market close the previous session that snapped a six-day winning streak.

Helping to underpin prices are better-than-expected earnings from Twitter, Lyft, Mattel, Yelp and Dow component Cisco Systems. All reported after the close. Ahead of the close on Wednesday, earnings season continues for Dow constituent Coca-Cola.

At 08:04 GMT, March E-mini Dow Jones Industrial Average futures are trading 31367, up 89 or +0.28%.

On the data front, investors will get the opportunity to react to the latest U.S. Consumer Price Index (CPI) report, scheduled to be released at 13:30 GMT. Economists expect a consensus 0.3% increase in the index, or a year-over-year gain of 1.5%, according to Dow Jones. Core CPI is projected to rise by 0.1%.

Fed Chairman Jerome Powell is also expected to speak at 19:00 GMT. Investors will be looking for any clarity on Fed policy.

Daily March E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed early in the session when buyers took out the previous day’s high.

The trend will change to down if sellers take out 29552. This is highly unlikely, but today’s session begins with the Dow up seven sessions from its last main bottom. This puts it in the window of time for a potential closing price reversal top. This chart pattern won’t change the trend, but if confirmed, it could trigger the start of a 2 to 3 day break equal to 50% to 61.8% of the current rally.

The minor range is 29552 to 31407. Its 50% level at 30468 is a potential downside target. It will move up as the market moves higher.

The short-term range is 29318 to 31407. Its retracement zone at 30351 to 30107 is another downside target zone. It too will move higher as prices rise.

Daily Swing Chart Technical Forecast

The direction of the March E-mini Dow Jones Industrial Average on Wednesday is likely to be determined by trader reaction to yesterday’s close at 31278.

Bullish Scenario

A sustained move over 31278 will indicate the presence of buyers. There is no resistance so we could see an acceleration to the upside if the buying volume is strong enough.

Bearish Scenario

A sustained move under 31278 will signal the presence of sellers. A close under this level will form a closing price reversal top. If confirmed, this could trigger a 2 to 3 day correction with 30468 a potential downside target.

For a look at all of today’s economic events, check out our economic calendar.