June E-mini Dow Jones Industrial Average futures are trading higher late Thursday, but its performance is lagging the price action in the benchmark S&P 500 Index and technology-based NASDAQ Composite index. The blue-chip Dow is just 1% shy off a record high.
At 20:41 GMT, June E-mini Dow Jones Industrial Average futures are trading 33050, up 152 or +0.46%.
Weighing on the Dow was Johnson & Johnson, which fell 0.925% after the drugmaker said it had found a problem with a batch of the drug substance for its COVID-19 vaccine being produced by Emergent Biosolutions, whose shares tumbled 14%.
In other news, data showed the number of Americans filing new claims for unemployment benefits rose unexpectedly last week. However, other data showed a measure of manufacturing activity soared to its strongest level in more than 37 years in March, with employment at factories the highest since February 2018.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 33134 will signal a resumption of the uptrend after a three-day setback. A move through 31951 will change the main trend to down.
The Dow has been trading inside its March 29 price range for three sessions. This tends to indicate investor indecision and impending volatility.
The minor range is 32746 to 33134. The Dow is currently straddling its 50% level at 32940.
The second minor range is 31951 to 33134. Its 50% level at 32543 is potential support.
The third minor range is 31613 to 33134. Its 50% level at 32365 is another potential support price.
Trader reaction to the pivot at 32940 will set the tone into the close.
A sustained move over 32940 will indicate the presence of buyers. If this creates enough upside momentum then look for buyers to take a run at 33134. Taking out this high could trigger an acceleration to the upside.
A sustained move under 32940 will signal the presence of sellers. The first downside target is 32746. Taking out this level could drive the Dow into a pair of 50% levels at 32543 and 32365.