At 20:25 GMT, June E-mini Dow Jones Industrial Average futures are trading 33986, up 283 or +0.84%.
With the first-quarter earnings season picking up pace, analysts expect profit for S&P 500 companies to jump 31.9% from a year earlier, according to Refinitiv IBES data.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. A trade through 34144 will signal a resumption of the uptrend. The main trend changes to down on a move through 31951.
The minor trend is down. The minor trend changes to up on a trade through 34066. A move through 33572 will indicate the selling pressure is getting stronger. A trade through 34066 will also make 33572 a new minor bottom.
The minor range is 34144 to 33572. The Dow is currently trading on the strong side of its 50% level at 33858.
The second minor range is 33157 to 34144. Its 50% level at 33651 is support. This level stopped the selling on Tuesday and Wednesday.
The short-term range is 31951 to 34144. Its 50% level at 33048 is the next major downside target.
Daily Swing Chart Technical Forecast
The short-term direction of the June E-mini Dow Jones Industrial Average is likely to be determined by trader reaction to the pivot at 33858.
A sustained move over 33858 will indicate the presence of buyers. The first upside target is the minor top at 34066. Taking out this level could trigger a surge into the record high at 34144. This is a potential trigger point for an acceleration to the upside.
A sustained move under 33858 will signal the presence of sellers. This could trigger a quick break into 33651, followed closely by 33572. This is a potential trigger point for an acceleration to the downside with 33048 the next major downside target.
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