Tuesday’s Technical Outlook for DJIA (.DJI)
Monday, US stocks finished lower on low volume, in a quiet start to the week.
The DJIA fell 8 pts, or 0.05%, to close at 17,492.93. The S&P 500 dropped 4 pts, or 0.21%, to finish at 2,04804. The NAS Comp lost 3 points, or 0.08%, to end at 4,765.78.
The DJIA traded within limited range intra-day, confined within Friday’s extremes. Technical readings in the daily keep favoring the Southside, as the DJIA remains below a Bearish 20 SMA, and the technical indicators head South within negative territory, although lacking enough momentum to confirm further slides for Tuesday.
In the 4 hours, the index rests above a flat 20-Day SMA, as the Momentum indicator turned South above its 100 mark, and the RSI indicator maintains its Bearish tone, currently around 46, all of which supports a Southward move ahead.
DJIA at 17492.93, -0.05% finished in the Red again, and the grinding mode continues as expected and stated earlier. The possibility of a bounce to 17750-800 cannot be ruled out, but the larger downtrend may dominate the index in the near term and test to 17300 then 17150-100 next.
Support marks:17,460 17,398 17,325
Resistance marks: 17,569 17,607 17,675