Dow Jones Industrial Average (.DJI) there is fear that the disease will cause a global economic slowdown
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite set all-time intraday highs on February 6. On Friday, the strength reversed somewhat as the spreading coronavirus hit the stock market once again. Now there is fear that the disease will cause a global economic slowdown.
The Dow Jones Industrial Average ended last week at 29,102 after setting its all-time intraday high of 29,408.05 on February 6. The weekly chart shifted back to being positive but overbought versus neutral a week ago. The Dow ended the week above its five-week modified moving average at 28,639. Its 12x3x3 weekly slow stochastic reading declined to 81.41 last week, down from 86.78 on January 31. This reading will likely fall below the overbought threshold of 80.00 this week. My quarterly value level is 27,432 with weekly, annual, monthly and semiannual risky levels at 29,500, 29,964, 30,059 and 30,361, respectively.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 29,720.79.
The projected lower bound is: 28,525.67.
The projected closing price is: 29,123.23.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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 89.8490. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 55.62. 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 13 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 58. This is not a topping or bottoming area. The last signal was a buy 3 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 1 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -277.260 at 29,102.510. Volume was 3% below average (neutral) and Bollinger Bands were 11% wider 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: 28,808.91 28,546.09 27,084.21
Volatility: 22 13 15
Volume: 325,023,136 271,725,536 266,867,424
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 7.5% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 5 periods.