Tuesday’s Technical Outlook for DJIA (.DJI)
The US major stock market indexes finished the day mixed and close to their opening marks of the session.
The DJIA + 0.10% at 17,938.28, the S&P 500 2 pts higher, at 2,112.13, and the NAS com lost roughly 7 pts, to close at 4,961.75.
The energy related sector finished higher, but more poor employment related data weighed on investors’ sentiment.
The DJIA daily shows that the index remains above a mildly Bullish 20-Day SMA, the 100-Day SMA crossed above the 200-Day SMA below the current mark, perhaps favoring some further gains.
The technical indicators in the frame, stand in Bullish territory, but lack strength.
In the 4 hours, the technical indicators have turned South after testing overbought marks, and maintain their Southward slopes within positive territory, as the 20-Day SMA heads North to around 17,876, the mark to break to see the index turning South.
DJIA at 17938.28, +0.10% broke above 1st resistance at 17935, but the breakout does not look clear and strong. The trend remains up, but at this point the Northside looks limited to 18100. See: http://kshitij.com/graph-gallery/equities/dowjones-candles-Daily And as I write this report the major market indexes are flat to unchanged with a Bearish bias. Time 4:40 EDT
Support marks: 17,921 17,859 17,770
Resistance marks: 18,003 18,084 18,161