Dow Jones Industrial Average (.DJI) Extends Win Streak As These Key Stocks Rally
The Dow Jones Industrial Average extended its win streak in the stock market today, thanks to a relief rally of sorts, as China waived tariffs on 16 U.S. products.
The Nasdaq surged 1.1%. The Dow Jones industrials gained 0.8% and the S&P 500 0.7%. Small caps tracked by the Russell 2000, up 2.1%, outpaced their big-cap peers by a wide margin. Preliminary data, though, showed lower volume on the NYSE and Nasdaq vs. Tuesday.
The Dow Jones index stretched its winning streak for a sixth straight session. It’s now just 1% shy of a record high.
Boeing (BA), up 3.1%, was among leading Dow Jones winners. The stock is starting the right side of a six-month consolidation with a potential 446.11 buy point. But it has some work ahead, at about 14% below the left-side high. On Wednesday, CEO Dennis Muilenberg said he still expects Boeing’s 737 MAX jet, which has been grounded for months since a pair of crashes, to resume service in Q4.
Apple (AAPL) was the biggest Dow gainer. Shares rose 3.2%, climbing past a 221.47 flat-base buy point in twice normal trade, according to MarketSmith chart analysis. The stock remains in buy range, which goes up to 232.54.
Intel (INTC) and Cisco (CSCO) added nearly 2% each, further padding gains to the blue chip Dow. Intel, which extended its win streak to six, is back above its 200-day moving average and is 11% off its high.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 27,933.32.
The projected lower bound is: 26,357.54.
The projected closing price is: 27,145.43.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
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 96.9210. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 62.76. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 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 130.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 buy 14 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed up 227.609 at 27,137.039. Volume was 1% above average (neutral) and Bollinger Bands were 22% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 26,568.27 26,588.13 25,681.81
Volatility: 13 19 20
Volume: 239,869,696 259,660,064 301,545,728
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 5.7% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .DJI (mildly bullish). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 3 periods.
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