Dow Jones Industrial Average (.DJI) weighed by Boeing’s stock slump
Two of the three main stock market indexes on Monday finished in positive territory as the energy sector rallied on the back of a surge in oil prices, but the Dow lagged behind its peers, weighed by shares of Boeing Co. BA, -1.29%
The Dow Jones Industrial Average DJIA, -0.18% finished down 48 points, or 0.2%, at 26,511, with Boeing’s stock serving as the biggest drag on the blue-chip gauge, following a report over the weekend from the New York Times that charged the aeronautics and defense company with shoddy production of its Dreamliner jets. Meanwhile, the S&P 500 index SPX, +0.10% gained 0.1% to finish around 2,908, with a rally of more than 2% in crude-oil prices CLM9, +0.87% helping to deliver a fillip to the energy sector XLE, +2.11% which climbed 2.1% on the day.
The U.S.’s announcement that it would end waivers for countries importing oil from Iran helped to drive crude values sharply higher. Meanwhile, the Nasdaq Composite Index COMP, +0.22% advanced 0.2% at 8,015, putting the index about 1.2% short of its Aug. 29 all-time closing high. The S&P 500 is less than 1% short of its Sept. 20 closing record. Trading on Monday was somewhat subdued, coming after markets were closed at the end of last week in observance of Good Friday.
Some European markets were closed in observance of Easter Monday. Investors are focused on a barrage of earnings coming from key companies, including Amazon.com Inc. AMZN, +1.38% Facebook Inc. FB, +1.77% Microsoft Corp. MSFT, +0.32% and others, as Wall Street watches for results from American corporations in order to find a catalyst to take stocks higher.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 25,612.50.
The projected upper bound is: 27,009.91.
The projected lower bound is: 26,065.85.
The projected closing price is: 26,537.88.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 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 79.4213. This is not an overbought or oversold reading. The last signal was a sell 0 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 64.19. 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 38 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 100.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 14 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed down -48.488 at 26,511.051. Volume was 29% below average (neutral) and Bollinger Bands were 33% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 26,356.17 25,908.65 25,323.72
Volatility: 8 12 20
Volume: 274,465,920 291,368,576 314,425,920
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 4.7% above 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 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 12 periods.