The Dow Jones Industrial Average surged 55.47 points to 21,006.94 on Friday trading session. Here, is the 8 May Dow Jones Technical Analysis for intraday trading. Is the Dow Jones bullish or bearish for today?
08 May, AtoZForex – As you see in the chart below, the Dow Jones Industrial Average surged 55.47 points to 21,006.94 on Friday trading session. Also, the S&P 500 rise 0.41 % to 2,399.29 points and NASDAQ index dropped 0.09 % to 67.90.
8 May Dow Jones Technical Analysis
The Dow Jones Industrial Average dropped initially during the week but as you can see the index didn’t move much. Also, the Dow Jones ended up forming a hammer pattern. Thus, pressing against the 21,000 level. But if the index can break above the level, it is a very bullish sign and the market will continue to move higher. There is a bit of resistance above and the investors are looking for 22,000 levels. I think that perhaps the market is a bit choppy now, but in long term, the market will deal with the volatility.
The Dow Jones charts, technically the intraday charts for today is signaling the bearish signals for Dow Jones. The SMA20 (20755.22) line is below the SMA50 (20783.14) line which means the Dow Jones Index will move up today. Moreover, the STOCH (9,6), STOCKRSI(14) and Williams %R is displaying that the Dow Jones becomes overbought. Hence, the investors should wait till the trend changes.
Furthermore, the RSI over a period 14 is also signaling a buy and the MACD( 12,26,9) is showing the buy signal with the value of 71.28 for today. Hence, I think the market will continue to stay bullish for today.
Dow Jones Pivot Points
The Dow Jones Industrial Average closed below its first resistance point. There is a possibility that the Dow Jones will rise 50+ point today after it touches its first resistance level. But if the level of 20,880 will break then the Dow Jones will fall another 90 points.
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