Tuesday’s Technical Outlook for DJIA (.DJI)
Risk off extended in the US afternoon session, with the DJIA down 260 pts or 1.50%, to end at 17140.24, the NAS Comp shed 113 pts, and closed at 4,954.44, and the S&P 500 fell 36 pts to 2,000.54.
Participants were cautions Monday, with financial shares suffering the most in the US and EU.
The DJIA traded as low as 17,055, the S&P 500 fell briefly below the psych mark at 2,000, both risking some steeper declines on a break below the Key support marks.
The daily for the DJIA shows that the indicators maintain their Bearish slopes well below their midlines, and the index has broken below its 200-Day MA for the 1st time since early March.
In the 4 hours, the technical indicators lost their Bearish strength, and are consolidating within extreme oversold readings, the index is far below its MAs, maintaining the risk towards the Southside, no matter a 10-12 bounce.
DJIA at 17140.24, -1.50% has closed below the support of 17200-150, and unless an immediate recovery is seen, the decline looks to extend to 16800, then 16500.
Currently at 3:50a the DJIA mini September futures are trading at 17,177.00 +192.00. PE
Support marks: 17,055 16,980 16,922
Resistance marks: 17,162 17,241 17,310
Latest posts by Paul Ebeling (see all)
- ETFs are Making ‘Record Purchases’ of the Precious Yellow Metal - April 10, 2020
- The Future is Bright for the Top US Banks, All Buys - April 10, 2020
- Virtual Tour of Ferrari World Abu Dhabi - April 10, 2020