Dow Jones Industrial Average (.DJI) starting this week under some pressure as Trump throws cold water on the chances of a shutdown deal
“The Nvdia profit warning is [hurting market sentiment] more than the Caterpillar earnings miss,” Larry Benedict, chief executive of the Opportunistic Trader told MarketWatch. “Slowing demand in China hit them hard,” he said, causing investors to worry that Chinese “demand has slowed more than people imagine.”
U.S. stocks are “starting this week under some pressure as Trump throws cold water on the chances of a shutdown deal, and after Chinese industrial production comes in light,” wrote Dave Lutz, head of ETFs at JonesTrading, in a note. Lutz highlighted elevated uncertainty with U.S.-China trade talks, the FOMC decision, the jobs report, and “angst” over the Brexit vote.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 25,590.89.
The projected lower bound is: 23,431.19.
The projected closing price is: 24,511.04.
A black body occurred (because prices closed lower 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 27 white candles and 23 black candles for a net of 4 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 6 falling windows in the last 50 candles–this makes the current falling window even more bearish.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 65.5646. This is not an overbought or oversold reading. The last signal was a sell 3 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 56.52. 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 21 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 57. This is not a topping or bottoming area. The last signal was a sell 0 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 17 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -208.979 at 24,528.221. Volume was 3% below average (neutral) and Bollinger Bands were 4% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 24,405.78 24,199.21 24,977.72
Volatility: 15 29 20
Volume: 323,483,712 370,794,496 328,218,016
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 gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
DJ INDU AVERG is currently 1.8% below 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 moderate flows of volume into .DJI (mildly bullish). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 10 periods.
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