Dow Jones Industrial Average (.DJI) quietly lower as corporate earnings continued to set the pace

Dow Jones Industrial Average (.DJI) quietly lower as corporate earnings continued to set the pace

Dow Jones Industrial Average (.DJI) quietly lower as corporate earnings continued to set the pace

The stock market was quietly lower, as corporate earnings continued to set the pace. The Dow Jones industrials lost less than 50 points in today’s stock market, weighed down by Dow Jones stock Goldman Sachs (GS). Chinese stock leader Alibaba (BABA) fell below its recent buy point, while top growth stock Atlassian (TEAM) hit a new all-time high.

Among the Dow Jones stocks, Goldman Sachs was the loser of the day with a near-3% decline after its quarterly earnings results. Goldman beat bottom-line views, but missed top-line estimates. The Wall Street bank is finding resistance at its long-term 200-day line.

Investment bank Citigroup (C) also reported its quarterly results early Monday. The financial name beat the Street’s earnings targets, but missed revenue estimates. Citigroup stock reversed from early gains to fall almost 1%. Citigroup shares are right at a 66.93 buy point in a cup with handle after Friday’s soft-volume breakout.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 26,900.38.

The projected lower bound is: 25,922.00.

The projected closing price is: 26,411.19.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 64.1303. This is not an overbought or oversold reading. The last signal was a buy 1 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 62.32. 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 sell 34 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 84. This is not a topping or bottoming area. The last signal was a sell 5 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 10 period(s) ago.

Rex Takasugi – TD Profile

DJ INDU AVERG closed down -27.531 at 26,384.770. Volume was 24% below average (neutral) and Bollinger Bands were 35% narrower than normal.

Open High Low Close Volume___
26,407.76026,424.85026,316.42026,384.770 250,621,584

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

Moving Averages: 10-period 50-period 200-period
Close: 26,279.58 25,813.41 25,278.71
Volatility: 9 12 20
Volume: 249,462,464 289,702,816 313,443,968

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 AVERG is currently 4.4% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. 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 8 periods.

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