Tuesday’s Technical Outlook for DJIA (.DJI)
US stocks finished lower Monday following a round of so-so earnings reports.
The DJIA fell 26 pots, or – 0.15%, to 17,977.24. The S&P 500 fell 3 pts, or -0.18%, to 2,087.79, the NAS Comp lost 10 pts, or -0.21%, to 4,895.79.
The DJIA fell as low as 17,850 before paring most of its daily losses, and the daily shows that the intra-day decline stalled above a still Bullish 20-Day SMA, currently at 17,818, the technical indicators consolidate within positive territory, with no directional strength.
In the 4 hours, the late recovery helped the technical indicators bounce sharply from oversold marks, but have halted the recovery around their mid-lines, the 20-Day SMA maintains a mild Bearish slope, capping the Northside in the short term at 18,008.
DJIA at 17977.24, -0.15% retested the support of 17900-800 before ending the session above the marks. The index is waiting for the FOMC meet to conclude Wednesday before the next trending move. Bias is cautiously Bullish above 17800-900 with the target/resistance unchanged at 18200-300.
As i write this report (2.24a EST)the DJIA June mini is trading
at 0.00 flat at 17,902.00
Support marks:17,919 17,826 17,748
Resistance marks: 18,008 18,094 18,165
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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.