September E-mini Dow Jones Industrial Average futures are trading higher late in the session on Monday following last week’s volatile performance. The catalyst behind the move is a strong rally in reopening stocks. Meanwhile, risk-on sentiment was driven by the news that the Food and Drug Administration (FDA) approved its first COVID-19 vaccine.

At 18:15 GMT, September E-mini Dow Jones Industrial Average futures are trading 35328, up 270 or +0.77%.

Leading the blue chip average higher are shares of Boeing, up 3.01%, Intel Corp, up 2.66% and Chevron Corp, up 2.63%. Dow Inc is trading 2.39% higher, Caterpillar Inc is up 2.11% and Goldman Sachs Group is higher by 1.72%.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through 35547 will reaffirm the uptrend. A move through 34494 will change the main trend to down.

The short-term range is 35547 to 34494. Its 50% level at 35021 is support.

The intermediate range is 33623 to 35547. Its retracement zone at 34585 to 34358 is major support. It’s controlling the near-term direction of the Dow.

Daily Swing Chart Technical Forecast

If the upside momentum continues into the close then look for the Dow to challenge the record high at 35547. The blue chip average is playing catch-up with the other two major indexes, which hit record highs earlier in the session.

The key support into the close is a price cluster at 35058 to 35021.

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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