Dow Jones Industrial Average (.DJI) will look to test a trendline to the topside around 26,600
After strong earnings drove the S&P 500 and Nasdaq 100 to test all-time highs, the blue-chip Dow Jones Industrial Average lagged. In the week ahead, it will look to derive influence from a topside trendline and a nearby range of support. Resistance lies slightly north of 26,600 and marks the first rough patch should the index attempt a move higher.
Support lies underneath from 26,310 to 26,245. Should the index encounter considerable selling pressure, a secondary band of support exists at 26,070. With RSI around 55, it could be argued the Average has a more encouraging landscape compared to its S&P 500 counterpart.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 27,017.07.
The projected lower bound is: 26,109.59.
The projected closing price is: 26,563.33.
A white body occurred (because prices closed higher 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 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 54.8640. This is not an overbought or oversold reading. The last signal was a sell 2 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 61.26. 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 42 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 47. This is not a topping or bottoming area. The last signal was a sell 1 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 0 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed up 81.250 at 26,543.330. Volume was 2% below average (neutral) and Bollinger Bands were 60% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 26,502.87 26,011.26 25,362.47
Volatility: 8 11 19
Volume: 306,515,104 294,923,232 315,807,616
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 16 periods.
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