Friday’s Technical Outlook for DJIA (.DJI)

Friday’s Technical Outlook for DJIA (.DJI)

Friday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

Wall Street snapped a 5 day losing streak, with US stocks edging higher after a falling sharply to new June lows at the open of the session.

The DJIA advanced 92 pts to end at 17,733.10

The Nasdaq added 10 pts, to close at 4,844.92

The S&P 500 added 6 pts or 0.31% to finish at 2,077.99.

Stocks bounced sharply from their daily lows after UK PM David Cameron stated that all campaigning around the EU exit referendum was suspended, after the shooting of Jo Cox, 41 anni, a Labor Member of Parliament.

The Technical picture

The DJIA daily shows that the index fell briefly below its 100-Day MA for the 1st time since early March before recovering, and holding below the 20-Day MA at 17,833.

In the same chart, the technical indicators turned North and stand just below their mid-lines, not enough to confirm an upward continuation.

In the 4 hours chart, the technical indicators head sharply higher above their mid-lines, the index is currently above a Bearish 20-Day SMA but below the 100 and 200-Day SMA’s, favoring the Northside, but needing some additional technical confirmations.

Commentary

With the nice recovery DJIA 17733.10, +0.53% has effectively established a contracting range of 17400-18000, and may spend the next few sessions in 17,800, till Brexit is determined. Immediate resistance at 17800.  PE

Support marks: 17,713 17,626 17,559
Resistance marks: 17,750 17,833 17,901

Stay tuned…

 

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