Tuesday’s Technical Outlook for the DJIA (.DJI)
Monday, all major US stock market indexes finished in the Green, with the DJIA + 106 points to end at 18,004.16, !st time above the Key 18,000 mark since July 2015.
The NAS Comp advanced 0.44% to close at 4,960.02, and the S&P + 13 points to finish at 2,094.34.
Stocks were boosted as better than expected earnings reports outpaced Crude Oil prices’ decline.
The benchmark index is set to continue advancing, as in the daily, its well above a now Bullish 20-Day SMA, and the Momentum indicator is bouncing from its 100 mark, as the RSI indicator resumes its advance near overbought territory.
In the near term
The 4 hours’ technical indicators have turned South after extending above their mid-lines, suggesting some consolidation ahead. But, as long as the index holds above its 20-Day SMA, currently around 17,902, the analysts are favoring the Northside.
Support marks:27,902 17,866 17,814
Resistance marks: 18,025 18,105 18,171