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Stock Indices: Dow Jones reaches 1-week highs following dovish Fed Yellen’s remarks

On Tuesday Dow Jones Industrial Average traded within the range of 17,434.96-17,642.81. The benchmark closed at 17,634.62, rising 0.57% (99.16 points) on a daily basis. It has been the 24th gain in the past 40 trading days, a third consecutive one and also the sharpest one since March 18th, when the average went up 0.69%. The daily high has been the highest level since March 22nd, when the Dow went up as high as 17,648.94. The blue-chip gauge has increased its advance to 6.77% so far during the current month.

Equities surged sharply on Tuesday after in her statement at the Economic Club of New York Federal Reserve Chair, Janet Yellen, used a rather dovish tone, saying that future policy adjustments need to be cautious, because of uncertainty regarding growth and inflation outlook as well as market turbulence.

Among the companies included in the benchmark, 6 posted a daily decline on Tuesday and 24 posted a daily gain. Shares of 3M Company (MMM) recorded the worst performance within the Dow on March 29th, going down 1.14% to close at $164.39. It has been the 10th drop in the past 21 trading days and also the steepest one since February 11th. March 29th low of $163.13 per share has been a higher low test of the low from March 24th. 3M shares have trimmed their advance to 4.79% so far in March, following two consecutive months of gains.

EI du Pont de Nemours and Company (DD) was the second worst performer within the DJIA yesterday, depreciating 0.86% to close at $63.64 per share. It has been the 11th drop in the past 20 trading days and also the sharpest one since March 22nd. March 29th low of $63.06 per share has been the lowest price level since March 17th, when a low of $62.87 was recorded. DuPont has cut its advance to 4.55% so far in March, following a 15.37% surge in the preceding month.

At the same time, the shares of Apple Inc (AAPL) registered the most notable daily increase within the DJIA on March 29th, going up 2.37%, to close at $107.68, while marking their 13th gain in the past 21 trading days and also the steepest one since March 1st. March 29th high of $107.79 per share has been the highest price level since December 30th 2015, when a high of $108.70 a share was registered. Apple has added 11.37% to its value so far in March, following four consecutive months of decline.

Microsoft Corporation (MSFT) was the second best performer within the Dow on Tuesday, appreciating 2.19%, to close at $54.71. It has been the 13th gain in the past 21 trading days and also the sharpest one since March 9th. March 29th high of $54.86 per share has been the highest price level since March 18th, when a high of $54.97 was recorded. Microsoft has added 7.53% to its value so far during the current month, following two consecutive months of decline. In February the stock went down 7.64%.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the Wednesday pivot levels for DJIA are presented as follows:

R1 – 17,543.69
R2 – 17,551.91
R3 (range resistance) – 17,560.14
R4 (range breakout) – 17,584.82

S1 – 17,527.23
S2 – 17,519.01
S3 (range support) – 17,510.78
S4 (range breakout) – 17,486.10

By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,521.23
R1 – 17,643.44
R2 – 17,771.16
R3 – 17,893.37

S1 – 17,393.51
S2 – 17,271.30
S3 – 17,143.58

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