E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis

August E-mini Early on Thursday, the Dow Jones Industrial Average futures are edging down after the previous session ended their five-day winning run. The price movement indicates that the current boom could be waning.

Deflating Target earnings news caused the blue chip average to fall early in the session on Wednesday. Despite the fact that the stock is not a part of the Dow, the news had a depressing effect on market mood.

A mixed data on U.S. retail sales later in the afternoon failed to excite investors since it increased the likelihood that the Fed will raise interest rates by 75 basis points in September.

However, the transaction was impacted by the Fed minutes. Trading lowered the likelihood of a 75 basis point rate rise and boosted the likelihood of a 50 basis point rate hike since it was seen as less hawkish. The E-mini Dow was able to rise over its intraday low thanks to this.

September E-mini Dow Jones Industrial Average futures are now trading at 33937, down 26 or -0.08%, as of 04:54 GMT. The SPDR Dow Jones Industrial Average ETF (DIA) finished Wednesday's trading session at $340.21, down $1.53 or -0.45%.

Looking Forward

Following the Wednesday Closing Bell, Dow component Cisco increased by more than 3% as a consequence of the publication of its fiscal fourth-quarter earnings. This action may have provided a little floor for the market, but it wasn't noteworthy enough to raise prices.

A deluge of U.S. economic data, including the Philly Fed Manufacturing Index, Weekly Unemployment Claims, Existing Home Sales, and the Conference Board's Leading Index, will be available for traders to respond to later today.

The Philly Fed data may be the most important, particularly if it is far worse than expected, as the Empire State Manufacturing Index was on Monday.

Technically speaking, the Dow may be running a bit too hot, which might give the Fed cause to try to aggressively raise interest rates in an effort to bring it down.