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 fell for a 3rd day running, as investors continue to run from equities and rushed into safe havens assets.

DJIA -132.86 at 17732.48, NAS Comp -46.11 at 4848.44, S&P 500 -17.01 at 2079.06

US stocks bowed to the risk averse environment generated by renewed fears about Brexit, falling Crude Oil prices, and soft Chinese data.

As for the DJIA technical picture: the indicators have turned South and are approaching their mid-lines, setting up the Bearish continuation.

In the 4 hours the technical indicators head South within negative territory, supporting some short term declines for the upcoming sessions.

Some investors are side lined in wait-to-see mode ahead of the Fed meeting’s results on Wednesday afternoon at 2:00p EDT.

Commentary

DJIA at 17732.48, -0.74% is showing the initial signs of extended weakness for the 1st time in the past few weeks. If 17650 fail to contain the correction, then a test of 17400 comes into view.

Support marks: 17,650, 17,400
Resistance marks: 17, 732, 17,914 17,972 18,020

 

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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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