Tuesday’s Technical Outlook for DJIA (.DJI)
Friday, Wall Street closed the day mixed, with the DJIA down by 23 pts to 17,828.29, the S&P down 0.02% at 2,090.10, and the NAS Comp closed, up 0.14% or 6 points to finish at 4,901.77.
In the US indexes paused on light pre-Holiday volume as Crude Oil’s rally stalled and prices retreated after marking the psych mark at 50.00.
The DJIA is holding near its recent highs and above its MA’s in the daily, but the technical indicators have turned South around their mid-lines, indicating an increasing Bearish potential for this week’s sessions.
In the near term, the 4 hours shows that the Momentum indicator heads sharply South within positive territory, and the RSI indicator turned flat well above its mid-line after correcting overbought readings, and the index remains above its MA’s, limiting for now the strength of a possible Bearish corrective move.
DJIA at 17873.22, +0.25% was steady Friday and may try to rise towards 18000 when the US markets open Tuesday. Overall, I expect a range of 17750-18100 for this week. PE
Support marks: 17,770 17,702 17,636
Resistance marks: 17,890 17,965 18,004
Have a terrific week.
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