Dow Jones Industrial Average (.DJI) slightly higher on Wednesday after news of a fresh round of US-China trade talks
The Dow and S&P 500 ended slightly higher on Wednesday after news of a fresh round of US-China trade talks, while the Nasdaq fell following a decline in Apple as it unveiled larger iPhones but made just minor changes to its offerings.
The Trump administration has reached out to China for a new round of trade talks as it prepares to activate punitive US tariffs on USD 200 billion worth of Chinese goods, according to two people familiar with the matter.
Trade-sensitive stocks rose, including Boeing was up 2.4 percent.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 25,324.80.
The projected upper bound is: 26,423.33.
The projected lower bound is: 25,642.18.
The projected closing price is: 26,032.75.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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.
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 52.3726. This is not an overbought or oversold reading. The last signal was a sell 7 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 61.10. 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 151 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 67. This is not a topping or bottoming area. 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 4 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERAGE closed up 27.859 at 25,998.920. Volume was 3% below average (neutral) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 25,974.32 25,427.85 24,932.87
Volatility: 5 10 18
Volume: 261,728,032 253,764,656 356,106,592
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 AVERAGE is currently 4.3% above its 200-period moving average and is in an upward trend. Volatility is low 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 42 periods.
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