Friday’s Commentary On The DJIA (.DJI)
$DIA
US30 Index (DJIA) CFD closed lower Thursday as it consolidates some of this week’s gains but remains above the 75% Fibo retrace level of the May-August decline crossing.
The mid-range close set the stage for a steady to lower open Friday in New York.
The Fed, which kept rates unchanged at its policy meeting that ended Wednesday, downplayed concerns about global growth and indicated confidence in the US job market’s recovery and the economy’s capacity to absorb a rate increase.
US GDP growth slowed sharply in Q-3, with growth slowing to 1.5% in the 3 months to September, down from 3.9% in Q-2.
I see chances of deeper profit-taking in the DJIA with a move towards 17500
The Bog Q: With the price trading around a Key resistance mark, where do we go from here?
The DJIA price is trading within a weekly supply zone at 17800-17600 and also within its partner zone on the daily timeframe at 17800-17723 at the moment, there has yet to be any real selling over the past few days.
The Dow Jones Industrial Average (.DJI), also called the DJIA, Industrial Average, the Dow Jones, the Dow Jones Industrial, the Dow 30, the DJIA, or simply the Dow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow.
The DJIA was 1st calculated on 26 May 1896.
Currently the DJIA is owned by S&P Dow Jones Indices, which is majority owned by McGraw-Hill Financial, it is the most notable of the Dow Averages, of which the 1st (non-industrial) was 1st published on 16 February 1885.
The averages are named after Mr. Dow and one of his business associates, statistician Edward Jones.
It is an index that shows how 30 large publicly owned companies based in the United States have traded during a standard trading session in the stock market.
The Stochastic Oscillator
The theory behind this indicator is that in an upward-trending market, prices tend to close near their high, and during a downward-trending market, prices tend to close near their low. Transaction signals occur when the %K crosses through a 3-period moving average called the “%D”
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