US stocks close higher a volatile session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US stocks recovered from session lows closed in positive territory on Wednesday after a volatile session, marked by oil prices moves.

    The Dow Jones Industrial Average rose 122 points or 0.73% to close the day at 16,912.29. The Nasdaq advanced 42 points, and the S&P surged 0.80%, reaching its highest in three weeks on a rebound in the biotech sector.

    DJIA technical outlook

    As for the Dow, the index traded as high as 16,966 intraday, a level not seen since late August. “The daily chart shows that the index is still well below a bearish 100 DMA, while the 20 DMA maintains a neutral stance well below the current level. In the same chart, the RSI indicator maintains a strong upward slope around 62, but the Momentum indicator lost its previous strength and stands flat in positive territory”, said Valeria Bednarik, chief analyst at FXStreet.

    “A critical psychological level comes at the 17,000 level, with a break above it probably pointing for a more sustained advance over the upcoming weeks”, Bednarik added.
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