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US stocks end higher helped by oil rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Wall Street managed to close marginally higher, underpinned by the rally seen in oil, but with gains being quite limited amid ongoing uncertainty over the upcoming ECB meeting this Thursday.

    The Dow Jones Industrial Average added 36 points to end at 17,000.36, the Nasdaq advanced 0.55% to close at 4,674.38, whilst the S&P surged 0.51% to 1,989.26.

    DJIA technical perspective

    “The Dow closed the day right above its 200 DMA, having reversed an early decline towards the 100 DMA. Nevertheless, a breakout of the critical dynamic levels is not yet confirmed, as the index having hovering around these large moving averages ever since the day started. The daily chart also shows that the 20 SMA maintains its sharp bullish slope well below the current level, although the technical indicators have eased further from overbought levels, still unable to confirm a new leg north,” said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the 4 hours chart presents a neutral stance, as the index has been moving back and forth around a flat 20 SMA, while the technical indicators keep hovering around their mid-lines, with no certain directional strength.”

    Support levels: 16,915 16,835 16,761. Resistance levels: 17,049 17,105 17,174.
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