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 indexed rose in the last hour of Thursday’s session, with DJIA settling above the 18,000 level for the 1st time in over 2 weeks. The upward momentum in US equities was backed by markets’ positive mood, based on Wall Street bets that the UK referendum will finish with a “remain” victory.

Which now we know did not happen, and global markets are selling off.

The DJIA closed the day up 230 pts or 1.29%, at 18,011.07

The NAS Comp added 1.59%, to end at 4,910.04.

The S&P 500 added 1.34% and closed at 2,113.32.

The daily for the DJIA shows that the index has advanced beyond its horizontal 20-Day SMA, but the Momentum indicator was flat around its 100 mark, but the RSI indicator heads North around 61, supporting possible gains.

In the 4 hours, technical indicators head sharply higher within Bullish territory, and the 20-Day SMA extended above the 100 and 200-Day SMAs and maintains upward slope below the current mark, which suggests the risk towards the Northside.

Commentary

While DJIA finished at 18011.07, +1.29%Thursday, Friday’s futures are down over 671 pts or 3.75% points down, DAX futures are over 800 pts down, almost 8%. The ‘blood bath” is a bit restrained in the Asian markets as Nikkei (15742.40, -3.05%) is still holding above the prior week’s low of 15396 despite the immense strength of JPY at 101.84. Even the comparatively insulated market of Shanghai (2854.00, -1.31%) is feeling the Brexit pressure.  PE.

Support marks: N/A
Resistance marks: 18,051 18,103 18,165

 

Stay tuned…

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