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U.S. stock and ETF indexes move sideways for the week.
U.S. stock and ETF indexes closed mostly higher on Friday and mixed for the week as they digest recent gains and continue trading below significant resistance.
A quick glance at the chart of the Dow Jones Industrial Average (NYSEARCA:DIA) gives a clear picture of the present situation. The Dow Jones Industrial Average and its related ETF are near overbought territory at 66 on both daily and weekly RSI and this is a level from which declines oftentimes start. Momentum is waning, as represented by MACD, and it’s quite clear how price has stalled at just below the 14,000 level on the average.
No further upside move is possible without clearing the 14,000 level and holding above that level, and it’s quite likely that move will not be possible without a decline first to work off overbought conditions. There is significant support around 13,300, 13,400 and 13,900 and so one could expect those levels form a floor, at least temporarily, for any upcoming downside move…
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