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US stocks close at session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks rallied into the session close and ended higher, in contrast with their Asians and European peers, which ended with losses. Most sectors advanced on Monday, exception made by the energy one, weighed by the continued decline in oil prices.

    The Dow Jones gained 123.07 points, or 0.72% at 17,251.42. The S&P 500 rose 15 points, or 0.78%, to 2021.15. The Nasdaq added 45 points, or 0.93%, and closed at 4,968.92.

    DJIA technical view


    “The DJIA staged a mild bounce that represents the 23.6% of the last two days’ decline, and in the daily chart, the bearish tone prevails as the price is well below a bearish 20 DMA, while the Momentum indicator maintains its bearish slope below its mid-line. The index however bounced from its 100 DMA, the level to take to confirm a bearish breakout”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the index remains below the mentioned 23.6% retracement, the immediate resistance at 17,260, while the technical indicators are bouncing from oversold levels, supporting a further upward correction should the index extend beyond the mentioned Fibonacci resistance”.

    Support levels: 17,216 17,159 17,088. Resistance levels: 17,260 17,313 17,366.
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