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Dow Jones Industrial Average (.DJI) jumped to close more than 150 points higher

Dow Jones Industrial Average (.DJI) jumped to close more than 150 points higher

  • The major indexes surged in the last hour of trading after Dow Jones reported that the EU has agreed to import more U.S. soybeans.
  • The Dow jumped to close more than 150 points higher while the Nasdaq posted a record close.

U.S. stocks were higher after the close on Wednesday, as gains in the Technology, Industrials and Healthcare sectors led shares higher.

At the close in NYSE, the Dow Jones Industrial Average rose 0.68% to hit a new 3-months high, while the S&P 500 index climbed 0.91%, and the NASDAQ Composite index gained 1.17%.

The best performers of the session on the Dow Jones Industrial Average were Microsoft Corporation (NASDAQ:MSFT), which rose 2.94% or 3.17 points to trade at 110.83 at the close. Meanwhile, Nike Inc (NYSE:NKE) added 2.16% or 1.63 points to end at 77.16 and Visa Inc (NYSE:V) was up 1.86% or 2.61 points to 142.64 in late trade.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 24,794.08.

The projected upper bound is: 25,927.52.

The projected lower bound is: 24,921.27.

The projected closing price is: 25,424.39.

Candlesticks

A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 76.1905. This is not an overbought or oversold reading. The last signal was a sell 3 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 66.44. 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 117 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 131.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 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 12 period(s) ago.

Rex Takasugi – TD Profile

DJ INDU AVERAGE closed up 172.160 at 25,414.100. Volume was 20% below average (neutral) and Bollinger Bands were 19% wider than normal.

Open High Low Close Volume___
25,183.69925,432.86925,113.55125,414.100 273,670,240

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

Moving Averages: 10-period 50-period 200-period
Close: 25,115.08 24,801.68 24,530.95
Volatility: 8 13 18
Volume: 256,052,208 309,305,888 371,735,488

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 3.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 8 periods.