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US stocks end higher after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks climbed and ended the day into the green after the release of FOMC latest meeting minutes, as they showed policy makers refrained from raising rates amid low inflation concerns.

    The DJIA added 138 points and end the day at 17,050.75. The Nasdaq and the S&P also closed higher, up 0.41% and 0.88% respectively.

    DJIA technical view

    “As for the DJIA, the index is above the 17,000 level for the first time since August 20th, with a strong upward strength according to the daily technical readings, as the technical indicators maintain their sharp upward slopes near overbought territory. In the same chart, the 100 DMA stands at 17,163 now a critical resistance as further gains beyond it should lead to a continued bullish run for the upcoming days”, said Valeria Bednarik, chief analyst at FXStreet.

    Bednarik sees support levels at 17,012, 16,933 and 16,842, while she sees resistances at 17,077, 17,163 and 17,240.
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