Friday’s Technical Outlook for DJIA (.DJI)

$DIA, $.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.

Commentary

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

Stay tuned…

  bearish, DIA, DJIA, Fed, indicators, oversold, resistance, support, technicals, Wall Street

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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