Monday’s Technical Outlook for DJIA (.DJI)

Monday’s Technical Outlook for DJIA (.DJI)

Monday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

Wall Street finished lower Friday, with the DJIA down by 31 pts, to finished at 17,807.06, the NAS Comp lost 28 pts to close at 4.942.52, and the S&P lost 6 pts, to 2,099.13.

Financial related stocks led the decline, as a much weaker-than-expected US NFP’s report fueled fears over the economic health of the nation, with Goldman Sachs (NYSE:GS) down by 2.32% and Bank of America (NYSE:BAC) shedding 3.48%.

US stock indexes pared most of the losses into the close

The daily for the DJIA shows that the index bounced for a 3rd day running from a horizontal 20-Day SMA.

The technical indicators head modestly lower within positive territory, keeping the Southside limited in here.

In the 4 hours, the DJIA stands above its MA’s lacking directional strength, and the technical indicators turned South around their mid-lines, suggesting the index may turn lower Monday, particularly on a slide below 17,770, the immediate support.

Commentary

DJIA at 17807.06, -0.18% remained un-moved by the bad NFP’s data traading in the same narrow range of 17650-900 for the 7th session running. A clear break above 17900-35 may take it to see 18100 -18350. The bias remains Bullish as long as it stays above 17600, PE

Support marks: 17,770 17,725 17,681
Resistance marks: 17,832 17,890 17,964

 

Have a terrific week.

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