Dow Jones Industrial Average (.DJI) snaps losing streak on energy lift
The S&P 500 and Dow Jones Industrial Average climbed on Friday, as the Dow put to rest an eight-day losing streak with a boost from energy stocks, but losses in the technology space kept the Nasdaq in check.
The Dow Jones Industrial Average .DJI rose 119.19 points, or 0.49 percent, to 24,580.89, the S&P 500 .SPX gained 5.12 points, or 0.19 percent, to 2,754.88 and the Nasdaq Composite .IXIC dropped 20.14 points, or 0.26 percent, to 7,692.82.
For the week, the Dow lost 2 percent, its weakest weekly performance since late March. The S&P 500 fell 0.9 percent and the Nasdaq declined 0.7 percent.
Trade worries still loomed, however, as U.S. President Donald Trump, in his latest move, threatened to impose a 20 percent tariff on all European Union car imports. The announcement came a month after the administration launched a probe into whether auto imports pose a threat to national security.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 24,757.46.
The projected upper bound is: 25,107.50.
The projected lower bound is: 24,058.19.
The projected closing price is: 24,582.85.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 15.3149. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 43.21. 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 95 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 -106.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 7 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 119.191 at 24,580.891. Volume was 25% above average (neutral) and Bollinger Bands were 17% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 24,949.81 24,659.92 24,267.68
Volatility: 8 14 18
Volume: 376,923,904 353,148,096 375,842,528
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 1.3% above its 200-period moving average and is in an downward 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 bearish on .DJI and have had this outlook for the last 0 periods.