Thursday’s Technical Outlook for the DJIA (.DJI)
$DIA, $DJI
Wednesday, US stocks ended the day higher after the beginning of the earnings season reports showed some mixed results during Q-1 of this year.
On the negative side, S&P 500 companies are expected to have lost 7.5% on average due to weak Crude Oil prices, CocaCola (NYSE:KO) fell Wednesday 4.8% after reporting that sales fell for the 4th Quarter running.
The DJIA (NYSEArca:DIA) rose by 100 pts intra-day, but closed up 0.24%, or + 42 pts, at 18,096.27.
The NAS Comp and the S&P 500 added 0.16% and 0.08% respectively.
The DJIA daily favors some further advances, as the index posted a higher high and a higher low for 3rd day running, the technical indicators extended their advances and maintain their Bullish slopes within positive territory.
In the near term
According to the 4 hours, the index may correct lower, as the technical indicators turned sharply South from overbought, but the overall stance is Bullish as the index remains well above its MAs, with the 20-Day SMA currently at 17,973.
Support marks:18,092 17,973 17,902
Resistance marks: 18,171 18,244 18,300
Stay tuned…
Paul Ebeling
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