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BUZZ- As indices move to fresh records, DJI still stale
September 29, 2017 / 1:01 PM / 3 months ago

BUZZ- As indices move to fresh records, DJI still stale

** Mixed picture this week in terms of new index highs, with DJ Industrials struggling to leap over its chart hurdles

** Indeed, on approach of month-end/qtr-end, S&P 500, DJ Transports NY Composite, and Russell 2000 , have all moved to fresh records

** This, while DJI, Nasdaq Composite, and Nasdaq 100 have yet to confirm the push

** SPX leading sector YTD, tech, also shy of its all-time high, drag on Nasdaq; this with Apple down nearly 7 pct MTD ** Boeing still having biggest positive influence on DJI in 2017, about a qtr of the index’s YTD gain, but recent AAPL weakness also a drag on the Dow; IBM still having biggest negative impact YTD

** Once DJI’s recent winning streaks ended Sept 20, it has lagged

** That said, DJI only 0.17 pct from its Sept 21 intraday high (22419.51). Chart: reut.rs/2ybQraI

** However, 22395.59 Fibo projection tough to overwhelm, while daily MACD rolling under resistance line from late 2016

** DJI close above 22419.51, with MACD breakout, can suggest further run with next Fibo projs 22718.94/23044.17, though just 1.5-3.0 pct above Thurs close

** Below Sept 25 low (22219.11), clear MACD failure, can instead see DJI threaten rising 50-DMA (now 21972.69), even mid-Aug trough (21600.34) before attempt to resume advance

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