Wednesday’s Technical Outlook for the DJIA (.DIA)
US stocks finished sharply higher on their highs Tuesday, with the DJIA up 222 pts or 1.26% to end the day at 17,928.35, its largest daily gainer in almost 2 months.
The NAS Comp added 59 pts, to finish at 4,809.88, and the S&P 500 rose 1.25% to 2,084.39.
Rising Crude Oil prices boosted the energy sector, Amazon.com rallied 3.43, surpassing 700/share for the 1st time, as the company logged its biggest Quarterly profit ever, reaching $513-M.
The daily shows that the DJIA is aiming to advance above its 20-Day SMA for the 1st time in 2 weeks, as the technical indicators have turned higher, within Neutral territory.
Near term, the 4 hours the index keeps pressuring the highs after advancing above all of its MAs, with the Momentum indicator looking exhausted towards the Northside within overbought marks, but the RSI indicator still heading North around 67, all of which supports a continued advance for Wednesday.
Support marks:17,887 17,770 17,704
Resistance marks: 17,940 18,007 18,08