Tuesday’s Technical Outlook for the DJIA (.DIA)
Monday, Wall Street closed mixed, with the DJIA down 34 points or 0.20% to 17,705.91, the NAS Comp and the S&P 500 finishing up by 0.30% to 4,750.21 and 0.08% to 2,058.69 respectively.
A decline in Crude Oil prices mid-morning, and expectations of weak earnings reports weighed on investors’ sentiment.
The DJIA daily suggests that the risk is towards the Southside, as the 20-Day SMA is gaining Bearish slope above the current mark, while the technical indicators have turned South after failing to overcome their mid-lines.
Near term the Southside looks limited, given that in the 4 hours the index holds above its 20-Day SMA, and the Momentum indicator bounced from 100 and heading North within positive territory,as the RSI consolidates around its mid-line.
DJIA at 17705.91, -0.20% was stable in the 4-day range of 17600-800, which may resolve in the latter part of this week, maybe on the higher side towards 18000. Immediate support comes at 17500-400.
Renewed selling interest below the daily low, set at 17,660, should see the decline extending South to 17,539.
Support marks:1 7,734 17,660 17,616, 17, 500,-400
Resistance marks: 17,770 17,855 17,940
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