Tuesday’s Technical Outlook for DJIA (.DJI)
Last Friday, Wall Street spiked on a Headline Only “good” NFPs report, with the S&P marking intra-day record high and closing at 2,129.90, up by 1.53%.
Monday, the DJIA finished +80.19 at 18226.93, NAS Comp +31.88 at 4988.64, S&P 500 +7.26 at 2137.16
Corporate earnings in the headlights this week, with several big banks reporting their quarterly results.
Should the figures come in better than expected, US stocks’ rally should extend to fresh record highs, further supported by speculation that the US Fed will not raise interest rates this year or next.
As for the technical outlook for the DJIA, the daily shows that the index recovered further from its 100-Day MA after testing last week, the technical indicators rebounded from their mid-lines and maintain their upward slopes, in line with further gains.
In the 4 hours, technical indicators have turned modestly lower from overbought levels, but remain within positive territory, the 20-Day SMA accelerated its advance below the current, also supporting some further gains ahead.
Resistance marks: 18,162 18,230 18,290