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· E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Stronger Over 23796, Weaker Under 23571

June E-mini Dow Jones Industrial Average futures closed higher on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus overshadowed worrying earnings reports from JPMorgan and Wells Fargo.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The next upside target is the March 3 main top at 26962. The main trend will change to down on a trade through 20500.

The minor trend is also up. A trade through 22988 will change the minor trend to down. This will also shift momentum to the downside.

The new short-term range is 18086 to 23967. Its retracement zone at 21027 to 20333 is potential support.

The intermediate range is 26962 to 18086. Its retracement zone at 22524 to 23571 is the nearest support zone.

The main range is 29506 to 18086. Its retracement zone at 23796 to 25144 is potential resistance. This area is currently being tested.

· Asian share markets took a breather on Wednesday as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.

While not unexpected, it did help MSCI’s broadest index of Asia-Pacific shares outside Japan edge up 0.2% to a fresh one-month top.

· Japan’s benchmark Nikkei index ended lower on Wednesday, after touching a month-high in the previous session, due to a selloff in value stocks that took a hit from worries over a looming recession.

Investors still favoured defensive shares such as healthcare, while many cyclical shares with relatively weak growth prospects, such as banks, shippers and steelmakers, underperformed.

The Nikkei share average fell 0.45% to 19,550.09 on profit-taking after a 3.13% gain on Tuesday.

· China shares closed lower on Wednesday, as investor worries over an expected sharp drop in the country's first-quarter economic growth offset a brief boost from a widely expected cut to medium-term lending rates.

At the close, the Shanghai Composite index .SSEC was down 0.57% at 2,811.174, extending losses of 0.15% by midday.

China's central bank on Wednesday cut the interest rate on its medium-term lending facility (MLF) for financial institutions by 20 basis points to 2.95%, a record low, in an attempt to combat the economic fallout from the coronavirus health crisis. More easing is widely expected to help struggling companies get back on their feet.

· European markets traded lower on Wednesday, despite the region starting to lift restrictive measures in various countries to allow the economies to gradually restart.

The pan-European Stoxx 600 fell 1% in early deals, with oil and gas stocks sliding 3.4% to lead losses while the food and beverages sector bucked the downward trend to add 0.7%.