Friday’s Technical Outlook for DJIA (.DJI)
Wall Street edged higher Thursday, the DJIA up 48 pts or 0.27% to finish at 17,838.56, the NAS Comp advanced 19 pts, to close at 4,971.36, and the S&P added 5 pts to 2,105.26.
US major stock market indexes trimmed early losses as Crude Oil prices rebounded on news US stockpiles declined. Trading in stocks markets was quite choppy Thursday, as cautious participants remained sidelined ahead of several critical events that will unfold in the upcoming weeks, and that includes the US Fed, the BOJ and the Brexit referendum vote.
The technical outlook for DJIA is cautiously Bullish, given that in the daily, the index has bounced for a 2nd day running from its 20-Day SMA, and the technical indicators turned a bit higher after flirting with their mid-lines.
In the near term, the 4 hours shows that the index recovered above its 20-Day SMA by the end of the session, and the technical indicators have recovered up to their mid-lines, but are not yet confirming the Northward move can extend over Friday’s session.
DJIA at 17838.56, +0.27% was unaffected by Thursday’s early events and despite a weak opening, recouped all the intra-day losses, looking set for a breakout above 17900-35 to 18100, that breakout must be clear and on strength.
FYI, when sellers consistently hit bids in a market that is trending higher there are 2 Winners: the sellers who are selling into strength, and the bids for them are abundant and liquid, and the long-term stock investor, as consistent selling is a contrarian indicator, and despite the S&P 500 creeping back over the 2,100 mark for the 1st time since April, a Wall of Worry exists. PE
Support marks: 17,770 17,725 17,681
Resistance marks: 17,890 17,964 18,005
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