Wednesday’s Technical Outlook for the DJIA (.DIA)
US stocks saw a choppy Tuesday, finishing mixed, as uncertainty ruled ahead of 3 central banks announcements in less than 12 hours between Wednesday’s US afternoon and Thursday’s Asian morning.
The US Fed the RBNZ and the BOJ will announce their latest economic policy decisions, and market analysts with be working feverishly to figure out what is up .
The DJIA added 13 pts to close at 17,990.32, the NAS comp lost 0.15% and finishedd at 4,888.31, the S&P 500 added 4 pts to 2,091.70.
The DJIA daily shows that the index closed practically with a DOJI having extended its weekly advance up to 18,048 intra-day.
The technical picture is Neutral, as the indicators stand flat, but within positive territory, the benchmark holds above a slightly Bullish 20-Day SMA, all of which maintains the risk towards the Northside.
In the 4 hours, the index lacks clear definitions, as it has been hanging around a mildly Bearish 20-Day SMA, as the technical indicators diverge from each other within Neutral territory, reflecting the ongoing uncertainty participants.
DJIA at 17990.32 is in trading a very narrow range of 17800-18100 now with a breakout (North or South) possibly coming after the FOMC policy announcement. The Bias is cautiously Bullish for a drive to 18200-300 but the chances of a sudden reversal cannot be ruled out, so the risk profile is increased.
As I write this report the DJIA mini 3:05a Jun 2016 17,872.00 -47.00 17,880.00 17,898.00 17,852.00
Support marks:17,919 17,826 17,748
Resistance marks: 18,048 18,094 18,165
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