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Dow Jones Industrial Average (.DJI) Earnings season hits full swing over the next few trading days

Dow Jones Industrial Average (.DJI) Earnings season hits full swing over the next few trading days

Earnings season hits full swing over the next few trading days, with highly anticipated reports on the way from iRobot (NASDAQ: IRBT) , (NASDAQ: FB) , and McDonald’s (NYSE: MCD).

Dow futures slid 0.2% vs. fair value. S&P 500 futures sank 0.25%. Nasdaq 100 futures fell nearly 0.4%.

Last week, the Dow Jones, S&P 500 index and Nasdaq composite were little changed.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 24,735.44.

The projected upper bound is: 25,568.50.

The projected lower bound is: 24,568.37.

The projected closing price is: 25,068.43.

Candlesticks

A white body occurred (because prices closed higher 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.

An on-neck line occurred. This is a bearish pattern where prices should move lower when the white candlestick’s (i.e., the most recent) low is penetrated.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 66.7078. This is not an overbought or oversold reading. The last signal was a sell 0 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 58.32. 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 114 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 65. This is not a topping or bottoming area. The last signal was a sell 1 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 9 period(s) ago.

Rex Takasugi – TD Profile

DJ INDU AVERAGE closed down -6.381 at 25,058.119. Volume was 21% below average (neutral) and Bollinger Bands were 11% wider than normal.

Open High Low Close Volume___
25,041.14125,124.10024,986.35025,058.119 274,076,416

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

Moving Averages: 10-period 50-period 200-period
Close: 24,984.71 24,777.07 24,493.50
Volatility: 12 13 18
Volume: 249,607,696 310,981,344 371,366,208

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 2.3% above its 200-period moving average and is in an upward trend. Volatility is low 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 5 periods.