Thursday’s Technical Outlook for DJIA (.DJI)

Thursday’s Technical Outlook for DJIA (.DJI)

Thursday’s Technical Outlook for DJIA (.DJI)


Wall Street closed mostly flat Wednesday, with the DJIA up down by 4 pts or 0.02% at 17,526.62. The NAS Comp added 0.50% to close at 4.739.12, and the S&P 500 added 0.2%, to 2,047.63.

Stocks fell after the release of the latest FOMC Mins, showing higher chances of a June rate hike in the world’s largest economy, but trimmed losses into the close.

Financial shares saved the day, after the announcement, with Bank of America, Citigroup and JPMorgan closing over 1.0% higher.

The technical is increasingly Bearish

In the daily: the index has posted a lower low and a lower high, as the technical indicators keep heading South in negative territory, and the 20-Day SMA caps the Northside, now at 17,732.

In the 4 hour: the index failed to recover above a Bearish 20-Day SMA, and the Momentum indicator heads sharply South below the 100 mark, and the RSI consolidates around 41, supporting a Southward continuation on a break below 17,413, the intra-day low.


DJIA at 17526.62, -0.02% felt the knock of the FOMC mins raising the chances of a rate hike in June or July but managed to close flat. After the 3st 3 sessions of this week, the net movement is Zero, indicating the indecisive state of the market, and that may keep the index ranged of 17350-800 for the next 2-3 sessions

Support marks:17,485 17,413 17,352
Resistance marks: 17,588 17,642 17,710

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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