Wednesday’s Technical Outlook for DJIA (.DJI)

Wednesday’s Technical Outlook for DJIA (.DJI)

Wednesday’s Technical Outlook for DJIA (.DJI)

$DIA, $DJI

US stocks finished lower Tuesday as Brexit concerns resurfaced following Bank of England’s Financial Stability Report, while disappointing US factory orders and a 4.7% dive in Crude Oil prices added further pressure to equities.

The DJIA lost 108 pts, or 0.61% to close at 17,840.

The S&P 500 dropped 14 pts, or 0.68%, to 2,088.

The NAS Comp fell 39 pts, or 0.82% to 4,822.

The DJIA perspective has turned less constructive as in the daily, indicators turned South but remain above their mid-lines while the 20 and 100-Day SMA crossover stands as Key support at 17,710.

In the 4 hours the picture is overall Neutral, as indicators have turned higher but below their mid-lines, while the index holds above a flat 200-Day SMA.

Commentary

DJIA 178407, -0.61% resumed trading today after the US Independence Day holiday and its price action around the resistance band of 18000-300 turned out to be decisive. Key support stands at 17650. The overbought state demanded a small correction before it could attempt a sustainable breakout. Currently the DJIA mini 2:35a EDT Sep 2016 futures are trading at 17,708.00 or  -54.00 pts.

Support marks: 17,710 17,655 17,467

Resistance marks: 18,016 18,051 18,118

Stay tuned…

 

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