Wednesday’s Technical Outlook for DJIA (.DJI)

Wednesday’s Technical Outlook for DJIA (.DJI)

Wednesday’s Technical Outlook for DJIA (.DJI)


Wall Street closed in the Green, with the DJIA reaching a fresh record high, up by 0.09% or 16 pts to close at 18,533.05.

The NAS Comp gained 26 pts, to end at 5055.78, the S&P 500 gained 0.24% to 2.166.89.

Netflix (NASDAQ:NFLX) stood out, reporting earnings of 9c against 2c expected, but closed 15% lower as the company added 1.7-M subscribers against Vs of 2.5-M.

On the daily basis, the index has been trading within the higher end of its latest range, with the index still developing well above its moving averages.

The RSI indicator in the mentioned chart continues consolidating around overbought levels, as the Momentum indicator diverges lower, heading South within positive territory.

In the near term, and according to the 4 hours, the technical indicators have continued to lose upward strength inside positive territory, mostly due to the lack of clear strength all through the session, whilst the index held above its 20-Day SMA, which maintains the Southside limited in the short term at 18,499.

  • DJIA +6.4% YTD
  • Russell 2000 +6.4% YTD
  • S&P 500 +6.0% YTD
  • NAS Comp +1.0% YTD


DJIA at 18533.05 stays on course for the immediate target of 18600-50 as the earnings season heats up. No real weakness is seen in the price action though the index has not made any actual progress in the last 3 sessions. Any 200-300 pts’ dip could see buyers coming and drive it back to the former highs.  PE

Support marks: 18,499 18,431 18,371
Resistance marks: 18,560 18,620 16,675

Stay tuned…

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

Latest posts by Paul Ebeling (see all)

You must be logged in to post comments :