Wednesday’s Technical Outlook for the DJIA (.DJI)

Wednesday’s Technical Outlook for the DJIA (.DJI)

Wednesday’s Technical Outlook for the DJIA (.DJI)

Wall Street was unable to follow the lead of overseas share markets, finishing the day mixed.

The DJIA + 0.27% to close at 18,053.60, the S&P 500 adding 6 pts to end at 2,100.80, the NAS comp finished off 0.40% at 4,940.33, this last weighed by weakness in the tech stocks’ sector.

Crude Oils’ temporary recovery supported the energy sector, limiting overall losses on moderate volume of about 878-M/shares on the NYSE.

The technical outlook

On the daily it shows that the Momentum indicator has posted a bounce from its 100 mark, as the RSI hangs near overbought readings and the index is still well above a Bullish 20-Day SMA, which supports an advance for Wednesday, if the positive mood among worldwide investors stays with it.

The market is cautious and fickle in here, and it can reverse “on a Dime”.

Near term

The 4 hours points to an advance as the technical indicators resumed their advances after correcting oversold readings.

Neutral in here, taking a wait and see attitude.

Support marks:17,983 17,914 17,826
Resistance marks: 18,101 18,171 18,244

Stay tuned…

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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