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US stocks close lower, jobs report eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US indexes closed slightly lower, in a lackluster session ahead of the release of US employment data this Friday.

    The Dow Jones Industrial Average finished virtually unchanged, down 4.15 points at 17,863.43. The S&P 500 fell 2.38 points, or 0.11%, to 2,099.93. The Nasdaq Composite finished 14.74 points, or 0.29%, lower at 5,127.74.

    Weaker-than-expected data, related to unemployment and wages sent investors to the sideline ahead of the Nonfarm Payroll report, rising uncertainty of whether employment figures will be supportive of latest FED's words.

    DJIA technical perspective

    “The DJIA daily chart shows that the index set a lower low and a lower high daily basis, but remains well above its moving averages, albeit the technical indicators hold near overbought levels, lacking directional strength, which may be understood as a first sign of exhaustion”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart suggests a limited bearish potential, given that the index is hovering around its 20 SMA, whilst the Momentum indicator is crossing its mid-line towards the downside with no strength, and the RSI indicator hovers around 54”.

    Support levels: 17,767 17,710 17,658. Resistance levels: 17,979 18,060 18,128.
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