Walgreens, Walmart Drag Dow Jones Industrial Average (.DJI) Down
Walgreens Boots Alliance (WBA) and Walmart (WMT) were the biggest blue chip losers. Walgreens lost 3.3% and fell back beneath its 50-day line, which it had regained on Friday.
Walmart fell 2.5% to slide below a 99.45 cup-with-handle buy point, which it had cleared Friday. Shares rose more than 2% Tuesday, after the retail behemoth’s earnings beat.
Most Dow Jones tech stock were under pressure: Microsoft (MSFT), IBM (IBM), Intel (INTC) and Cisco (CSCO) gave up less than 1% each.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 24,773.39.
The projected upper bound is: 26,947.39.
The projected lower bound is: 25,001.76.
The projected closing price is: 25,974.57.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 95.6671. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 7 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 70.31. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 37 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 149.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 33 period(s) ago.
Rex Takasugi – TD Profile
DJ INDU AVERG closed up 63.119 at 25,954.439. Volume was 21% below average (neutral) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 25,485.67 24,287.79 25,056.62
Volatility: 15 27 20
Volume: 278,444,160 355,548,064 322,488,448
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
DJ INDU AVERG is currently 3.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into .DJI (mildly bullish). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 26 periods. Our momentum oscillator is currently indicating that .DJI is currently in an overbought condition.
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