Dow Jones Industrial Average (.DJI) Trade Mixed
Chinese shares outperformed, paring some of Friday’s losses with stocks in Japan, Hong Kong and European futures also higher. Equities in Australia slipped and fluctuated in South Korea. Ten-year Treasury yields were little changed near their lowest in two months as Federal Reserve Chairman Jerome Powell reiterated he is in no hurry to change interest rates. S&P 500 Index futures steadied after U.S. stocks dipped Friday on mixed U.S. jobs data. The pound fell as another key Brexit vote looms in parliament, on Prime Minister Theresa May’s revised deal.
“With the Fed taking an easier path rather than continuing to raise interest rates, the outlook for equities is relatively constructive,” Hans Goetti, founder of HG Research, told Bloomberg TV from Singapore. With that tailwind “from the Fed, any correction would be relatively short lived,” he said.
Signs of struggling global growth have stalled a strong start to the year for risk assets. A slew of data from China this week could give fresh clues on the impact of its monetary stimulus. The Bank of Japan will also meet to set policy. On the trade front, China and the U.S. are in general agreement on many crucial issues and have held meaningful discussions on foreign exchange, People’s Bank of China Governor Yi Gang said.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 25,130.59.
The projected upper bound is: 26,304.28.
The projected lower bound is: 24,742.52.
The projected closing price is: 25,523.40.
A white body occurred (because prices closed higher 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 33 white candles and 17 black candles for a net of 16 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 16.8949. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 8 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 48.92. 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 8 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 -208.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 6 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -22.990 at 25,450.240. Volume was 23% below average (neutral) and Bollinger Bands were 45% 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: 25,830.06 24,809.51 25,127.99
Volatility: 7 21 20
Volume: 278,689,280 314,872,864 320,695,904
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 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.