Friday’s Technical Outlook for the DJIA (.DIA)
$DIA, $.DJI
US stocks failed to sustain intra-day gains and closed flat to little changed Thursday, as the rally in Crude Oil and energy related issues lost momentum during afternoon trade.
DJIA rose 9 pts, or 0.05%, to close at 17,661, the S&P 500 Index lost 0.5 pt, or 0.02%, to 2,051, the NAS Comp fell 8 pts, or 0.18%, to close at 4,717.
Disappointing US jobless claims data weighed on sentiment as participants await the Key US NFPs (nonfarm payrolls) report due Friday.
The Bearish momentum continues in the index, and the daily shows that the price is currently below its 20-Day SMA, as the technical indicators maintain their Southward slopes below their mid-lines.
In the 4 hours, the technical indicators have turned North from near oversold mars, but remain below their mid-lines, the 20-Day SMA acts as dynamic resistance now around 17,731, having accelerated its decline below the 100 and 200-Day SMAs.
Commentary
| Friday, 6 May | Time of Release | LTN Est | Consensus | Prior |
| Nonfarm Payrolls | 8:30a EDT | 190-K | 207-K | 215-K |
| Nonfarm Private Payrolls | 8:30a EDT | 180-K | 191-K | 195-K |
| Unemployment Rate | 8:30a EDT | 5.0% | 5.0% | 5.0% |
| Hourly Earnings | 8:30a EDT | 0.3% | 0.3% | 0.3% |
| Average Workweek | 8:30a EDT | 34.5 | 34.5 | 34.4 |
Support marks:17,609 17,530 17,440
Resistance marks: 17,692 17,731 17,812, 17,900
Stay tuned…
Friday’s Technical Outlook for the DJIA (.DIA) added by Paul Ebeling on
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Paul Ebeling
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