Yahoo Finanza E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis –
December E-mini Dow Jones Industrial Average futures are trading higher just before the mid-session on Thursday, extending its recent record-setting run as better-than-expected economic data boosted sentiment. The blue chip Dow was also boosted by a 6% jump in Boeing shares. Investors were also monitoring coronavirus relief funding developments.
At 16:42 GMT, December E-mini Dow Jones Industrial Average futures are trading 30035, up 167 or +0.56%.
In economic developments, first-time claims for unemployment insurance totaled 712,000 last week, lower than an estimate of 780,000 from economists surveyed by Dow Jones. Jobless claims also fell for the first time in three weeks as the labor market showed resilience even in the face of a worsening pandemic.
In other news, Irish airliner Ryanair has placed an order for 75 more Boeing 737 Max aircraft as the plane is set to return to the skies after two fatal crashes. The catalog value of the sale is about $9 billion, throwing a commercial lifeline to the embattled U.S. planemaker.
The US Federal Aviation Administration recently certified the Boeing 737 Max for a return to service after it had been grounded since March 2019.
Finally, there were early signs that a $908 billion bipartisan proposal could be gaining traction as a negotiating tool, even though Republicans and Democrats in Congress remained unable to smooth out differences over the next coronavirus relief package.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. A trade through 30165 will reaffirm the uptrend. This move will make 29428 a new main bottom.
The minor trend is also up. A trade through 30057 will reaffirm the minor trend. The minor trend will change to down on a trade through 29589. This will also shift momentum to the downside.
The first minor range is 30165 to 29428. Its 50% level or pivot comes in at 29797.
The second minor range is 28328 to 30165. Its 50% level at 29247 is additional support.
Daily Swing Chart Technical Forecast
The price action on Thursday indicates the direction of the December E-mini Dow Jones Industrial Average into the close is likely to be determined by trader reaction to 29797.
Bullish Scenario
A sustained move over 29797 will indicate the presence of buyers. If this move generates enough upside momentum then look for a drive into 30057. Taking out this minor top is likely to generate the momentum needed to challenge the main top at 30165. This is a potential trigger point for an acceleration to the upside.
Bearish Scenario
A sustained move under 29797 will signal the presence of sellers. This could trigger a break into the pair of minor bottoms at 29589 and 29428. Taking out the latter could extend the break into 29247.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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