Dow Jones Industrial Average (.DJI) 162-point climb led by gains for Pfizer, 3M shares
The Dow Jones Industrial Average is climbing Wednesday afternoon with shares of Pfizer and 3M leading the way for the blue-chip average. Shares of Pfizer PFE, +2.33% and 3M MMM, +1.44% have contributed to the index’s intraday rally, as the Dow DJIA, -0.46% is trading 162 points (0.6%) higher. Pfizer’s shares have gained $1.10 (3.3%) while those of 3M have risen $3.65, or 2.5%, combining for an approximately 32-point boost for the Dow. Other components contributing significantly to the gain include Walgreens Boots WBA, +0.34%, Apple Inc. AAPL, +1.59%, and Boeing BA, +0.48%. A $1 move in any of the index’s 30 components results in a 6.78-point swing.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 27,749.87.
The projected lower bound is: 26,118.33.
The projected closing price is: 26,934.10.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 3.1120. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 6 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 25.07. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 25 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -203.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -123.770 at 26,957.590. Volume was 74% above average (neutral) and Bollinger Bands were 153% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 28,716.52 28,764.46 27,235.12
Volatility: 26 18 16
Volume: 339,532,000 295,219,232 268,551,168
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
DJ INDU AVERG is currently 1.0% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of .DJI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .DJI and have had this outlook for the last 2 periods. Our momentum oscillator is currently indicating that .DJI is currently in an oversold condition.
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