Dow Jones Industrial Average (.DJI) fall on weak energy stocks

Dow Jones Industrial Average (.DJI) fall on weak energy stocks

Dow Jones Industrial Average (.DJI) fall on weak energy stocks

The Dow Jones Industrial Average  fell 75 points, or 0.3%, to 25,509, the S&P 500  fell 0.14%, and the Nasdaq  rose 0.04%.

The S&P 500 and Dow inched lower on Thursday as gains in Apple and Amazon were offset by weak energy and financial shares.

The S&P energy index led declines, with Occidental Petroleum falling 4.2% after it maintained a tepid production forecast for the year. The S&P financial index was down 0.6%.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 24,940.67.

The projected upper bound is: 25,965.93.

The projected lower bound is: 25,086.19.

The projected closing price is: 25,526.06.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 76.4503. This is not an overbought or oversold reading. The last signal was a sell 0 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 61.29. 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 128 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 76. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 23 period(s) ago.

Rex Takasugi – TD Profile

DJ INDU AVERAGE closed down -74.520 at 25,509.230. Volume was 33% below average (neutral) and Bollinger Bands were 39% narrower than normal.

Open High Low Close Volume___
25,589.78925,613.31125,492.68925,509.230 214,968,848

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 25,451.97 24,957.95 24,665.91
Volatility: 7 11 18
Volume: 274,950,048 300,471,616 369,114,976

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.

Summary

DJ INDU AVERAGE is currently 3.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of .DJI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 19 periods.

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