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US stocks close sharply lower weighed by oil

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - US indexes closed deep in the red, tracking European and Asian peers, weighed by a steep decline in oil prices. The energy sector plunged, offsetting earnings-driven gains by Alphabet, and Mattel.

    The DJIA lost 295.64 points, or 1.80%, to close at 16,153.54. The S&P fell 36 points, or 1.87%, to 1,903.03. The Nasdaq Composite dropped 103.42, or 2.24% to 4,516.95.

    DJIA technical view

    “From a technical point of view, the daily chart shows that the index has stalled its decline around a horizontal 20 SMA, but remains slightly above it while the technical indicators have turned south around their mid-lines, increasing the risk of further declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index presents now a strong bearish momentum, as the technical indicators head south below their mid-lines, while the index has broken below its 20 SMA, supporting the longer term outlook.”

    Support levels: 16,105 16,049 15,982. Resistance levels: 16,223 16,301 16,378.
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