Wednesday’s Technical Outlook for DJIA (.DJI)
Wall Street kept the momentum rally going Tuesday, with the DJIA and the S&P closing at all-time highs.
The DJIA advanced 120 pts, or 0.66% to close at 18.347.67
The S&P 500 added 14.98 pts, to finish at 2,152.14.
The NAS Comp added +0.69%, at 5,022.82.
The daily for the DJIA supports further gains in here
The technical indicators maintain their Bullish slopes near overbought marks, as the index extended further above its MAs on upward slopes.
In the 4 hours, the RSI indicator hangs at 76, the Momentum indicator retreated within positive territory, diverging with the index that keeps posting higher highs.
In this last time frame, the 20-Day SMA was sharply higher at 18,159, with the risk towards the Northside and the market now starting to see 19,000.
DJIA at 18347.67, +0.66% marked a new all time high at 18372 and closed just below the prior high at 18351. The last time this kind of rally was seen (Feb/Mar 2016), the index had gained 13.5% in the 1st 6 weeks from the bottom at 15500. The gainer indicates a rise above 19000 in the next 3 wks but needs to hold above 18000 near term. PE
Support marks: 18,305 18,262 18,214
Resistance marks: 18,375 18,425 18,480
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