Tuesday’s Technical Outlook for the DJIA (.DIA)

Tuesday’s Technical Outlook for the DJIA (.DIA)

Tuesday’s Technical Outlook for the DJIA (.DIA)

$DIA, $.DJI

US stocks closed higher Monday led by tech stocks that bounced after last week’s losses.

But Apple’s stocks ended 0.1% lower, posting the 8th straight loss in a row, the longest losing streak since July 1998 finishing at:

The DJIA rose 117 pts, or 0.66%, to close at 17,891.16. The S&P 500 gained 16 pts, or 0.78%, to 2,081.43, the NAS Comp advanced 42 pts, or 0.88%, to end at 4,817.59.

The DJIA’s move stalled just below its 20-Day MA, in the chart, the technical indicators turned slightly higher within Bearish territory, presenting for the most a Neutral to Bearish stance.

Shorter term, the 4 hours shows that the index is now above a Bearish 20-Day SMA, as the technical indicators bounced from oversold, but remain below their mid-lines, suggesting the risk is towards the Southside, particularly if the benchmark index is unable to advance beyond Monday’s intra-day high at 17,912.

Commentary

DJIA 17891.16, +0.66% is oscillating in the range of 17500-18100 during the last few days now, forming a Volatile Top formation. Unless the index moves above 18200-300 in the next 5 trading sessions, Bearish pressure will likely increase

Support marks: 17,849 17,791 17,752
Resistance marks: 17,912 17,993 18,068

 

Stay tuned…

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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