Wall Street a mixed bag as traders await FOMC minutes and trade updates

The US stock market opened again after a day's holiday for President's Day on Monday. However, the mood was somewhat mixed as traders walked into an uncertain outlook for the week ahead, with the FOMC minutes that are due and soundbites from trade-talk progress in Washington this week. 

President Donald Trump tweets keeping the faith alive:

As far as the Fed goes, first of all, we had Fed hawk Mester supporting the central bank's wait-and-see approach, as noted by analysts at Westpac: "She added that if her economic outlooks were realized the funds rate would need to rise slightly further. But influential NY Fed president Williams told Reuters that in order to support further rate hikes, he would need a different outlook for inflation and growth than his current view."

DJIA levels

The technical indicators in the DJIA are positive on a weekly time frame, although are now more mixed nearer term. Daily RSI has dropped from close to overbought territory and considering prior extremes. Moreover, the price was rejected from resistance at R3 above the regression channel's midpoint and fell from within corrective territory. Bears can look to test the bulls bids down at 76.4% Fibo, (25668), which could spark a flurry of profit-taking flurry back to the 50% mean reversion of the rally from the latest swing low down at 25591 that has a confluence of R1 as well as prior resistance double top on 13th Feb. An additional bid and extension in the rally would likely look to 26277 as the 2nd Nov swing highs.