· E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trend Changed to Down on Tuesday
June E-mini Dow Jones Industrial Average futures are edging higher early Wednesday, following two days of selling pressure tied to a massive plunge in the U.S. crude oil market. On Tuesday, the blue chip cash market lost about 630 points, bringing its weekly decline to more than 1,000 points. The 30-stock average was dragged lower by Merck & Co., which lost 5.5%, and Boeing, which fell more than 5%.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing chart. The trend turned down on Tuesday when sellers took out the last swing bottom at 23079. The main trend will change to up on a trade through 24327.
The main range is 29506 to 18086. Its retracement zone at 23796 to 25144 is resistance. This zone stopped the rally at 24327 last Friday.
The intermediate range is 26962 to 18086. The market is currently trading inside its retracement zone at 22524 to 23571.
The new short-term range is 18086 to 24327. Its retracement zone at 21207 to 20470 is the new downside target.
· Asian share markets slipped to two-week lows on Wednesday as the floor fell out from under crude prices, exposing the deep economic damage wrought by the global coronavirus health crisis.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.8% while Japan’s Nikkei slumped 1.3%.
· Japanese shares fell to two-week lows on Wednesday, as investors unwound bets in riskier assets following the historic collapse in crude oil prices, while caution ahead of corporate results later this week also weighed on sentiment.
The Nikkei index ended down 0.74% at 19,137.95, with consumer discretionary and information technology sectors leading declines.
· China stocks reversed course to close higher on Wednesday, as investors hoped the government would speed up rolling out further fiscal stimulus to shore up an economy that has been hobbled by the coronavirus pandemic.
At the close, the Shanghai Composite index was up 0.6% at 2,843.98. ** The blue-chip CSI300 index was up 0.82%, with its financial sector sub-index ending 0.01% higher, the consumer staples sector up 3.03%, the real estate index up 0.29% and the healthcare sub-index up 2.04%.
· European markets opened in positive territory on Wednesday, apparently defying widespread concerns over the coronavirus outbreak and a slump in oil prices.
The pan-European Stoxx 600 climbed 0.7% at the start of trading, tech stocks adding 1.9% to lead gains while oil and gas stocks slid 0.8% lower.
Reference: CNBC, Reuters
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