September 19, 2017 / 1:29 PM / a year ago

BUZZ- DJI: Streaks may leave bulls naked on the charts

** DJ Industrials on another run of consecutive higher daily closes, as well as record high finishes

** DJI going for an 8th straight higher daily close. Streak coming on heels of 10-day run that just occurred, Jul 25-Aug 7

** Additionally, DJI going for a 6th straight record high finish; last run was 9 from Jul 26-Aug 7

** These streaks concluded with a spike and reversal on Aug 8; DJI then sold off 2.6 pct from high to low over next 9 days

** Boeing top percentage gainer in index YTD, up 63 pct, while General Electric is worst performer, 23 pct loss

** That said, just 3 stocks, BA, Apple, and UnitedHealth account for nearly half of index YTD gain; Goldman Sachs and IBM biggest drags

** DJI now reaching key Fibo projection zone (22291.69/ 22395.59). Chart:

** And this as overheated S&P 500 is at risk for a cool down

** DJI daily MACD rising, but faces hurdle at study resistance line from Dec 2016 high

** Thus, risk for reversal as index flirts with 22395.69

** Close below rising 50-DMA (now 21844.51) can see downside pressure mount; rising 200-DMA (now 20898.20)

** Close above 22395.69, with MACD resistance line breakout, however, can suggest potential for further gains to additional Fibo projs (22718.94/ 23044.17)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below