Stock Indices: Dow Jones sinks to two-week lows amid a heavy sell-off

On Thursday Dow Jones Industrial Average traded within the range of 17,797.58-18,034.97. The benchmark closed at 17,830.76, plummeting 1.17% (210.79 points) on a daily basis. It has been the 25th drop in the past 62 trading days and also the sharpest one since February 11th, when the gauge fell 1.60%. The daily low has been the lowest level since April 13th, when a low of 17,741.66 was registered. The blue-chip gauge has trimmed its advance to 0.84% so far in April, following two consecutive months of gains.

All 30 companies included in the DJIA registered losses on Thursday. The shares of Apple Inc (AAPL) recorded the worst performance within the Dow for a second straight session on April 28th, going down 3.06% to close at $94.83. It has been the 13th drop in the past 24 trading days and also a sixth consecutive one. April 28th low of $94.27 has been the lowest level since February 24th, when a low of $93.32 was registered. Apple stock has lost 12.99% of its value so far during the current month, following a 12.72% surge in March. It became clear that Apple’s iPhone sales came well below market consensus as global demand for smart phones seemed to have weakened. The tech giant’s Q1 revenue was reported to have shrunk to $50.56 billion from $75.87 billion in the final quarter of 2015. The median forecast by experts pointed to a lesser decrease in revenue, to $52.05 billion.

Cisco Systems Inc (CSCO) was the second worst performer within the DJIA on April 28th, falling 2.37% to close at $27.96 per share. It has been the 8th drop in the past 23 trading days and also the steepest one since February 5th, when the stock went down 2.76%. April 28th low of $27.79 has been the lowest price level since April 15th, when a low of $27.73 was registered. In addition, the daily trading volume (29.62M) has been the highest since March 18th. Cisco shares have slumped 1.79% so far in April, following two consecutive months of advance.

At the same time, the shares of General Electric Company (GE) marked the best daily performance within the DJIA on April 28th, going down 0.10%, to close at $30.90, while marking their 11th drop in the past 23 trading days. April 28th low of $30.70 has been the lowest price level since April 25th, when a low of $30.40 was registered. In addition, the daily trading volume (28.83M) has been the highest since April 25th. General Electric has lost 2.80% of its market value so far during the current month, following two successive months of advance.

Coca-Cola Company (KO) was the second best performer within the Dow on Thursday, dipping 0.11%, to close at $44.63. It has been the 10th drop in the past 23 trading days. The Coca-Cola stock has lost 3.79% of its market value so far in April, following two consecutive months of gains. In March it went up 7.56% to mark its largest gain in more than 3 years.

Daily and Weekly Pivot Levels

By employing the traditional calculation method, the Friday pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,887.77
R1 – 17,977.96
R2 – 18,125.16
R3 – 18,215.35

S1 – 17,740.57
S2 – 17,650.38
S3 – 17,503.18

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

Central Pivot Point – 18,006.53
R1 – 18,164.85
R2 – 18,325.94
R3 – 18,484.26

S1 – 17,845.44
S2 – 17,687.12
S3 – 17,526.03