Wedesday’s Technical Outlook for DJIA (.DJI)
Wall Street finished lower to mixed Tuesday, as the DJIA fell 86 pts, or 0.48%, to close at 17,787.13, the S&P 500 Index lost 2 pts, or 0.10%, to end at 2,096.96, and the NAS Comp finished up 14 pts to 4,948.05.
All 3 of the US major stock market indexes closed May with gainers, but the DJIA was up just 0.1%, weighed by speculation over a US interest rate hike in the near term.
Early Tuesday, the DJIA fell to 17,725, but pared part of its daily losses just ahead of the close.
The daily shows that the index is hanging above a horizontal 20-Day SMA at 17,681, and the technical indicators have lost their Bullish slopes, but remain within positive territory.
In the 4 hours, technical indicators have recovered a bit, but remain below their mid-lines, and the 20-Day SMA is now flat around 17,890, the mark to recover if we are to see further gains Wednesday.
Support marks: 17,725 17,681 17,636
Resistance marks: 17,831 17,890 17,964