Friday’s Technical Outlook for DJIA (.DJI)
Thursday, Wall Street’s major market indexes finished the day flat to unchanged.
DJIA down by 23 pts closed at 17,828.29, the S&P 500 down 0.02% at 2,090.10, and the NAS Comp + 0.14% or 6 pts to end at 4,901.77.
Worldwide stocks’ trading was choppy, but positive, as most European and Asian indexes closed in the Green.
In the US indexes retreated as Crude Oil’s rally stalled and prices retreated after reaching the 50.00 bbl psych mark.
The DJIA is near its recent highs and above its MS’s on the daily, but the technical indicators have turned South around their mid-lines, indicating an increasing Bearish potential for upcoming sessions.
In the near term: the 4 hours shows that the Momentum indicator heads sharply lower within positive territory, as the RSI indicator turned flat well above its mid-line after correcting overbought readings, the index remains above its MA’s, limiting for now the strength of a possible Bearish corrective move.
DJIA at 17828.29, -0.13% has paused close to the resistance at 17950 and if Ms. Yellen’s speech Friday morning at 10:30a EDT is taken in a positive note, then 18250 can be seen within 2-3 sessions, if not the grind down to 17, 200 will recommence. PE
Support marks: 17,770 17,702 17,636
Resistance marks: 17,890 17,965 18,004