Friday’s Technical Outlook for the DJIA (.DIA)
Thursday, Wall Street finnished mixed, with the 3 US major stock market index flat around their daily opens.
The DJIA added 9 pts to end at 17,720.50, the S&P 500 off 0.02% at 2,064.11, and the NAS Comp lost 23 pts, to 4.737.33.
Crude Oil prices led the way among equities this Thursday, while in the US a disappointing unemployment claims report triggered concerns over the health of the sector, moreover after the poor NFPs report released earlier this month.
The DJIA sees a mild negative tone, as the 20-Day SMA keeps turning Bearish above the current mark, the technical indicators see modest Bearish slopes within negative territory.
In the 4 hours, the Bearish potential is stronger, as the technical indicators head sharply lower below their mid-lines, the index is still below all of its MAs, supporting declines towards the 17,500 area.
DJIA at 17720.50, +0.05% paused with a flat close. The near term Southward trend remains on target at 17500-400 intact, though without much Bearish momentum yet.
Support marks:17,698 17,630 17,540
Resistance marks: 17,791 17,846 17,898
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