Dow Jones Industrial Average futures are trading higher at the
mid-session after hitting an all-time high earlier in the session. The
cash market also reached 35000 for the first time on optimism that
interest rates would remain lower for longer, while a surge
in commodity prices lifted shares of miners, energy and steel
companies.
At the mid-session, 3M Co is up 2.33%, followed by a 2.04% gain in Walgreens. Oil company Chevron is trading 0.71% better.
Technology-related companies Microsoft Corp and Apple Inc are
trading down 0.927% and 1.469% respectively. Intel Corp is posting the
biggest loss at 2.094%.
Technical Analysis
The main trend is up according to the daily swing chart. A late
session trade through 35000 will signal a resumption of the uptrend. A
move through 33572 will change the main trend to down.
The new minor range is 33572 to 35000. Its 50% level at 34286 is new support.
The short-term range is 31951 to 35000. Its pivot at 33476 is another potential support level.
The direction of the June E-mini Dow Jones Industrial Average into
the close on Monday is likely to be determined by trader reaction to
34686.
A sustained move over 34686 will signal the presence of buyers.
Taking out the intraday high at 35000 will indicate the buying is
getting stronger.
A sustained move under 34686 will indicate the selling is greater
than the buying at current price levels. If this move intensifies then
look for a pullback into the minor pivot at 34286.
A close under 34286 will form a potentially bearish closing price
reversal top. If confirmed then look for the start of a minimum 2 to 3
day correction
