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US stocks end higher despite oil’s fall

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    US indexes rallied in spite of oil's decline, rising for a second straight day and with the Dow Jones Industrial Average ending the day at 16,167.78, up by 193 points or 1.39%. The Nasdaq advanced 2.27% to end at 4,453.96, while the S&P added 1.67% and closed at 1,895.58.

    The advance in the major indexes was led by gains in financial, consumer and technology stocks.

    DJIA technical perspective


    “Technically, the daily chart shows that the latest recovery lacks upward momentum, as the index is barely a handful of points above a flat 20 SMA, while the technical indicators are flat within neutral territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, an early decline met buying interest around a bullish 20 SMA, currently at 16,034, although the Momentum indicator diverges lower, retreating towards its mid-line from overbought territory, whilst the RSI indicator stands flat around 57”.

    “Overall, the upside is still seen limited and advances are understood as corrective, with only a steeper recovery beyond the 16,500 region offering a more upside-constructive outlook for the index”, she added.

    Support levels: 16,088 16,034 15,966. Resistance levels: 16,239 16,310 16,376.
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