Monday’s Technical Outlook for DJIA (.DJI)

Monday’s Technical Outlook for DJIA (.DJI)

Monday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

Wall Street fell across the board for a 2nd day running, as investors exited stocks and rushed into safe-havens assets.

The DJIA shed 119 pts or 0.67% to close at 17,865.34, the NAS Comp fell 1.29% to end at 4,894.55, and the S&P fell 19 pts or 0.92%, to 2,096.07.

US stocks responded to the risk averse environment generated by fears over a Brexit last Friday alongside falling Crude Oil prices.

As for the DJIA technical outlook, the sharp decline stalled above a still Bullish 20-Day SMA, at 17,790, and the technical indicators have turned South approaching their mid-lines, not enough at this point, to confirm a Bearish continuation.

In the 4 hours, the benchmark index bounced after approaching a Bullish 100-Dat SMA, but now stands below a Bearish 20-Day SMA, as the technical indicators head South within negative territory, supporting some short term declines in the upcoming sessions.

Maybe investors will remain in wait-to-see ahead of the Fed’s FOMC meeting Tuesday and Wednesday, resulting in some choppy, range trading.

Commentary

DJIA at 17865.34, -0.67% the strongest market, may correct a little more but is expected to find support at 17750-650. See http://kshitij.com/graph-gallery/equities/dowjones-candles-3-Day

As I write this report the DJIA minis are trading lower by 72 pts.

Support marks: 17,790 17,734 17,666
Resistance marks: 17,914 17,972 18,020

Have a terrific week

The following two tabs change content below.

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.

You must be logged in to post comments :  
CONNECT WITH