Monday’s Technical Outlook for DJIA (.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.
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