April 28, 2000.Situation neutral. Dow closed at 10,734.
The Dow moved above Daily chart resistance at 10,857 quickly and convincingly April 24, ending the decline which began April 12. The Dow tested the 10,200 level only two weeks ago, which is the 20-month exponential moving average. Bouncing convincingly off that low, the Dow ran up 1,000 points to 11,200 just two days ago, only to sell off Thursday and Friday on inflation data and Microsoft's news. Monday, the Dow had been extremely overbought on the short-term charts as noted in this section on April 25. That the Dow only sold down to close at 10,734 is evidence of underlying strength supporting the average. The fundamentals look bad and seem to be getting worse. Yet the Dow is staying in its current trading range between 10,000 and 11,500. The Dow may not be ready to move above 11,500 yet until the Federal Reserve lowers interest rates, but with corporate profits running above expectations, the Dow makes no progress on the downside either.
05-minute Dow chart
 20-period moving average 10,752
05-period moving average 10,741
MACD -10.01/-8.76 negative, improving
RSI 42.92 neutral
STOCHASTICS 30.19/28.13% positive
15-minute Dow chart
 20-period moving average 10,774
05-period moving average 10,747
MACD -23.68/-22.83 negative, neutral
RSI 44.32 neutral
STOCHASTICS 22.34/26.31% negative
30-minute Dow chart
 20-period moving average 10,806
05-period moving average 10,748
MACD -38.51/-36.25 negative
RSI 30.14 negative
STOCHASTICS 15.45/16.06% negative, but over-sold, about to change
60-minute Dow chart
 20-period moving average 10,841
05-period moving average 10,745
MACD -37.28/-18.68 negative
RSI 35.80 neutral
STOCHASTICS 12.45/17.82% negative, but extremely over-sold
Daily Dow chart
 20-period moving average 10,857
05-period moving average 10,857
MACD 26.47/51.83 negative
RSI 45.61 neutral
STOCHASTICS 52.95/53.71% neutral
Weekly Dow chart
 20-period moving average 10,722
05-period moving average 10,722
MACD -29.04/-30.05 positive
RSI 43.84 neutral
STOCHASTICS 55.29/49.62% positive
Monthly Dow chart
 20-period moving average 10,195
05-period moving average 10,764
MACD 740.44/830.74 negative
RSI 65.46 neutral
STOCHASTICS 58.95/68.15% negative

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