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US stocks close mixed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US indexes closed little changed with mixed results on Tuesday after wavering from small gains to small losses throughout the session. With Chinese stocks closing pretty much flat and no relevant macroeconomic data released all through the day, investors struggled for direction this Tuesday.

    The Dow Jones Industrial Average rose 9.72 points, or less than 0.1%, to 17,158.66. The S&P 500 gained 4.04 points, or 0.2%, at 2,016.70. Meanwhile, the Nasdaq Composite dropped 11.66 points, or 0.24%, to 4,891.43.

    DJIA technical perspective

    “The Dow Jones Industrial Average daily chart shows that the index remained capped by its 100 DMA, currently a few points above the daily high of 17,238, while the Momentum indicator aims slightly higher below its 100 level, but the RSI indicator heads lower around 39, increasing chances of a bearish breakout”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical readings corrected the extreme oversold readings reached on Monday before turning flat, but the 20 SMA maintains a strong bearish slope well above the current level, all of which suggests the index may extend its decline in the short term, particularly on a break below 17,084, the immediate support”.

    Support levels: 17,084 16,980 16,932. Resistance levels: 17,255 17,334 17,399.
    For more information, read our latest forex news.
     

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