Monday’s Technical Outlook for DJIA (.DJI)
Wall Street ended mixed last Friday and not far from the opening marks.
The DJIA added 21 pts to finish at 18,003.75, the S&P 500 closed flat to unchanged at 2,091.58 and the NAS Comp lost 39 pts to end the day at 4,906.23.
The DJIA held at the 18,000 mark, retaining the positive tone.
In the daily, the Key index is well above a Bullish 20-Day SMA, the RSI indicator resumed its advance within positive territory after correcting overbought readings, and headed North around 63.
In the 4 hours the Momentum indicator is headed due South below its 100 mark, whilst the RSI is stuck around its 50 line and the 20-Day SMA standing flat around 18,036, limiting the Northside in the short term.
The US Fed meeting Wednesday may determine the next direction, as I write this commentary the DJIA June mini is trading at:
If the US Fed stays its course regarding supporting stocks, and the confidence continues as reflected in the increase in Bulls and fall in the Bears then the market can go either way as Sell in May, Go away approaches.
Support marks:17,963 17,902 17,827
Resistance marks: 18,036 18,094 18,165
Have a terrific week.