Emini futures technical setups show E-mini Dow

Technical setups show E-mini Dow futures forming a bullish ascending triangle. A breakout above 39,820 could trigger momentum buying into end-of-week sessions, according to futures technical analysts. “Investors have been conditioned to buy the dip. The economic data was not good, but it was not horrible either, and it is enough to solidify a rate cut this month despite the hawkish tone that we have heard recently from most Fed governors,” said Joe Gilbert, portfolio manager at Integrity Asset Management. “In the absence of further government data, the market has fully baked in an October cut, which is positive on the margin for the markets as interest rates appear on a glide path lower.” Following the derived block eligibility expansion last November, we have seen growth in derived block liquidity in the E-mini S&P 500 Equal Weight (EWF), E-mini Russell 1000 Growth Index (RSG) and the E-mini Russell 1000 Value Index (RSV) futures. E-mini futures traders are closely watching Fed speakers today. Hawkish tones could cap gains, but dovish remarks paired with softer CPI data may provide tailwinds for equities.