Dow Jones Industrial Average (.DJI) lower as investors weigh soft retail-sales report
U.S. stocks opened modestly lower Wednesday morning as the market reacted to weaker-than-expected economic data and geopolitical developments.
The Dow Jones Industrial Average DJIA, -0.08% slipped 50 points, or 0.2%, to 26,969, the S&P 500 index SPX, -0.20% fell 0.2% to 2,988, while the Nasdaq Composite Index COMP, -0.30% retreated 0.4% to 8,118, near the opening bell.
A report on retail sales showed that it fell 0.3% last month, the government said Thursday, ending a streak of six straight strong gains that helped to fuel economic growth in the middle of the year.
Economists polled by MarketWatch had expected a 0.3% increase. Consumers have been the pillar of the current economic expansion and cracks in that segment of the U.S. economic sentiment.
Moves for stocks come as investors also digest quarterly results from American companies, with Bank of America Corp. BAC, +0.43% reporting profits that topped analysts’ consensus estimates and United Airlines Holdings Inc. UAL, +2.07% also posted third-quarter results that topped expectations.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 27,787.64.
The projected lower bound is: 26,255.22.
The projected closing price is: 27,021.43.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 82.7441. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 9 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 57.21. 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 50 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 97. This is not a topping or bottoming area. The last signal was a buy 5 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 2 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -22.820 at 27,001.980. Volume was 16% below average (neutral) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 26,589.02 26,500.23 26,019.02
Volatility: 14 19 16
Volume: 225,972,928 254,072,208 282,323,840
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 3.8% above its 200-period moving average and is in an downward trend. Volatility is 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 8 periods.
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