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US stocks end broadly lower

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Wall Street indexes edged lower for a second day in-a-row, as renewed fears over a global economic slowdown sent investors away from high yielders and put safe-havens on demand.

    The DJIA posted its largest 1-day decline in over a month, shedding 133 points, or 0.75%, to close at 17,603.46. The Nasdaq closed at 4,843.93, down by 47 points, or 0.98%, whilst the S&P lost 20.96 points, or 1.01%, to end at 2,045.17.

    DJIA technical viewpoint

    “The daily chart for the DJIA shows that it is still holding above its 20 SMA, currently acting as the immediate dynamic support at 17,551, while the Momentum indicator is about to cross its mid-line towards the downside. In the same chart, the RSI indicator has begun to correct oversold readings, and heads south around 62,” said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart presents a strong bearish tone, given that the index has extended below its 20 SMA, whilst the technical indicators head sharply lower near oversold levels, in line with the longer term outlook.”

    Support levels: 17,551 17,483 17,421. Resistance levels: 17,677 17,750 17,841.
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