Thursday’s Technical Outlook for DJIA (.DJI)

Thursday’s Technical Outlook for DJIA (.DJI)

Thursday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

Wall Street closed in the Green again Wednesday, with the DJIA reaching a fresh record high of + 36.02 pts to close at 18,595.03.

The NAS Comp gained 53.56 pts, to end at 5089.93

The S&P 500 gained 9.24 pts to 2.173.02.

On a daily basis, DJIA has been trading within the higher end of its latest range, with the index still developing well above its MA’s.

The RSI indicator in the mentioned chart continues consolidating around overbought marks, the Momentum indicator diverges lower, heading South within positive territory.

In the near term, and according to the 4 hours, the technical indicators have continued to lose Northward strength within positive territory, mostly due to the lack of clear strength, the index held above its 20-Day SMA, which maintains the Southside limited in the short term around 18,499.

Commentary

DJIA at 18,595.03 is on course for the immediate target of 18600-50 as the earnings season heats up. No real weakness is seen yet in the price action though the index has not made any real great progress in the last 4 sessions. Any 200-300 points’ dip can see buyers coming and drive it higher. PE

  • DJIA +6.7% YTD
  • Russell 2000 +6.5% YTD
  • S&P 500 +6.3% YTD
  • NAS Comp +1.7% YTD

Support marks: 18,499 18,431 18,371
Resistance marks: 18,600, 18,620 16,675

Chart N/A today

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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