Friday’s Technical Outlook for DJIA (.DJI)
Wall Street finished lower Thursday, as participants worried about the possibility of a soon-to-come Fed interest rate hike.
The DJIA fell 91 pts but well off its LOD, and closed at 17,435.40, the NAS Comp lost 26 pts to end at 4,712.53, and the S&P 500 finished minus 7.59 pts at 2,040.04, down by 0.37%.
The DJIA fell to its lowest since mid-March, ending the day off its daily low of at 17,325.
Technically, DJIA is set to extend its decliner, as in the daily the index keeps posting lower lows and lower highs below a Bearish 20-Day SMA, and the technical indicators head South after failing to overcome their mid-lines.
In the 4 hours, the 20-Day SMA has widen the distance with the 100-Day SMA, heading sharply lower and acting as a strong dynamic resistance at 17,548, while the technical indicators bounced from oversold territory, but just tracking the late recovery in the benchmark than suggesting that the advance can extend Friday.
DJIA finished at 17435.40, -0.52% found support at 17350 in a down day as expected. The decline may still extend to 17150-100, but the fall may not be fast, more like grinding down.
Support marks:17,398 17,325 17,248
Resistance marks: 17,460 17,530 17,607
Latest posts by HEFFX (see all)
- Tesla Is Hiring Someone To Defend Elon Musk And Fend Off Attacks By Twitter Trolls - January 20, 2021
- PayPal Will Continue To Profit From A Huge Increase In Volume And Accounts - January 20, 2021
- Google’s Ethical AI Division Investigating Sharing of Sensitive Documents - January 20, 2021