Tuesday’s Technical Outlook for DJIA (.DJI)

Tuesday’s Technical Outlook for DJIA (.DJI)

Tuesday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

Wall Street indexes closed  up Monday but finished off their daily highs, falling sharply ahead of the close Monday, as uncertainty levels among investors is running high.

The DJIA finished the day at 17,804.87, up by 129 pts,  the NAS Comp added 0.77% to end at 4,837.21, and the S&P 500 + 0.58%, to finish the day at 2,083.25.

US indexes benefited from the positive finished of their overseas counterparts, as Asian and European stocks finished the day with solid gains on receding Brexit fears.

The DJIA daily shows that the index is hanging around a horizontal 20-Day SMA, the technical indicators have recovered some ground, but lack directional strength around their mid-lines.

In the 4 hours, the index holds above all of its MA’s, but the technical indicators present strong Bearish slopes after testing overbought readings, rather reflecting the late intra-day decline suggesting further slides ahead.

Commentary

Despite the rise in the DJIA at 17805 Monday, the sideways range of 17500-900 can continue for some more days, till the end of this week at least until the Brexit vote is known. The overall mood can be described as cautious and very few people are outright Bullish. PE

Support marks: 17,825 17,770 17,715
Resistance marks: 17,916 17,987 18,051

 

Stay tuned…

 

 

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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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