Friday’s Technical Outlook for DJIA (.DJI)
Wall Street reversed Thursday, with all 3 US major stock market indexes closed in the Red, the losses were shallow by the close, as stocks managed to trim most of their daily losses.
The DJIA shed 19 pts, to close the day at 17,985.19, the NAS Comp lost 0.32%, to finish at 4,958.62, and the S&P 500 ended 3 pts lower at 2,115.48.
Crude Oil’s decline along with some risk aversion were behind stocks’ decline, but the late bounce suggests Bulls are still in charge.
The DJIA daily shows that the index holds near its recent highs, and well above a Bullish 20-Day SMA, the technical indicators have turned modestly lower within positive territory.
In the 4 hours, the index remains above a Bullish 20-Day SMA, the Momentum indicator is Neutral around its 100 level, and the RSI hangs around 59, in line with the longer term outlook.
DJIA at 17985.19, -0.11% looks set to finish the week inside the narrow range of 17850-18100, not far away from the all time high of 18350. Volatility is expected to be seen next week with the FOMC meeting coming. PE
Support marks: 17,953 17,890 17,823
Resistance marks: 18,084 18,165 18,220