Friday’s Technical Outlook for DJIA (.DJI)

Friday’s Technical Outlook for DJIA (.DJI)

Friday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

US stocks closed mostly lower Thursday, reversing early gains, pushed down by a sharp decline in Crude Oil prices as investors adopt a cautious stance ahead of the US NFPs report.

The DJIA lost 22.74 pts, or 0.13% to close to 17,895.88.

The S&P 500 fell 1.83 pts, or 0.09%, to 2,097.90.

The NAS Comp closed + 17.65 pts, or 0.36%, at 4,876.81.

The DJIA technical picture has turned from Neutral to slightly Bullish, as the daily indicators are flat above their mid-lines, and the index holds above the 20 and 100-Day MA crossover.

In the 4 hours, indicators point slightly higher around their mid-lines also supporting limited gains ahead of the official US jobs situation report Friday morning.

Commentary

DJIA at 17895.88, -0.13% tested the resistance of 18000 again staying inside the near term range of 17650-18000 for another session. A directional move can be expected Friday after the NFP data at 8:30a EDT.  PE

Support marks: 17,720 17,655 17,467
Resistance marks: 18,016 18,051 18,118

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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