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Dow Jones Industrial Average (.DJI) Declines more than 100 points after banks slide

Dow Jones Industrial Average (.DJI) Declines more than 100 points after banks slide

U.S. stocks were lower after the close on Thursday, as losses in the Telecoms, Basic Materials and Financials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average declined 0.53%, while the S&P 500 index declined 0.40%, and the NASDAQ Composite index fell 0.37%.

Bank shares fell broadly as interest rates declined. J.P. Morgan Chase, Citigroup, Bank of America and Morgan Stanley all declined by more than 1 percent. Their declines sent the Financials Select Sector SPDR Fund down by 1.5 percent. The 10-year Treasury note yield fell to 2.83 percent.

Wall Street also digested looked at the latest batch of corporate earnings being released, while trade fears simmered.

IBM shares rose more than 3 percent after the Dow component reported earnings and revenue that surpassed expectations. American Express, another Dow member, posted a profit that was just above estimates, while sales came in slightly below estimates. Shares of American Express fell 2.7 percent.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 24,728.31.

The projected upper bound is: 25,583.77.

The projected lower bound is: 24,573.40.

The projected closing price is: 25,078.59.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 83.5386. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 14 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 58.54. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 113 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 82. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

DJ INDU AVERAGE closed down -134.789 at 25,064.500. Volume was 19% below average (neutral) and Bollinger Bands were 8% wider than normal.

Open High Low Close Volume___
25,139.15025,154.17025,052.61925,064.500 285,756,352

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 24,924.55 24,766.76 24,481.42
Volatility: 11 13 18
Volume: 244,144,656 312,731,520 371,189,952

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.

Summary

DJ INDU AVERAGE is currently 2.4% 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 volume flowing into and out of .DJI at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .DJI and have had this outlook for the last 4 periods.