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US stocks end higher underpinned by oil’s bounce

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - US stocks recovered ground on Thursday, with the three major indexes closing in the green, tracking a bounce in European equities and oil.

    Wall Street gained after the sell-off seen during the previous session, as hopes of additional stimulus in Europe reversed the negative sentiment among worldwide investors. European indexes closed with solid gains, leading the way in the US, albeit stocks pared gains in the US afternoon, as oil was unable to settle above $30.00 a barrel.

    The DJIA closed 115 points, or 0.74%, higher at 15,882.68, while the S&P added 9.66 points, or 0.52%, to end at 1,868.99. The Nasdaq ended the day unchanged at 4,472.06.

    DJIA technical view

    “The DJIA daily chart shows that the technical indicators remain flat within oversold levels, and well below its moving averages, far from suggesting the index may continue rallying”, said Valeria Bednarik, chief analyst at FXStreet. “In the shorter term, the index is around a bearish 20 SMA, while the Momentum indicator heads higher, but below the 100 level, and the RSI indicator has already turned south below 50. The downward risk remains high, as the market has been mostly led by fear, and the background of risk-averse trading remains firm in place.”

    Support levels: 15,845 15,747 15,646. Resistance levels: 15,954 16,041 16,110.
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